Cash & Claims: Search for Your Missing Money During National Unclaimed Funds Month

Article Presented By Classic Brands…

COLUMBUS, Ohio — In recognition of National Unclaimed Funds Month in February, the Ohio Department of Commerce Division of Unclaimed Funds is reminding Ohioans to check for any potential money they might have waiting to be claimed. Whether the money is in your name, a loved one’s name, or your business, all it takes is a couple of minutes to see if you have money waiting for you.

Unclaimed funds come from a variety of sources, including dormant bank accounts, uncashed checks, stocks and bonds, utility deposits, or unclaimed wages. Last year at this time, the Division launched a new system that streamlines how Ohioans search for, claim, and track their unclaimed funds. If it’s been a while since you last searched for funds, now’s a good time to check again. That’s because funds are reported to the Division throughout the year by banks and other entities.

Here are the top five reasons to search for and claim your missing money right now.

1.     Searching is quick, free and easy – Conducting an online search takes just a few minutes at unclaimedfunds.ohio.gov. There’s no cost and the process is secure.

2.     Financial boost for important needs – Recovered funds can help pay bills, increase savings or cover unexpected expenses, providing real value when reinvested in your financial health.

3.     Decade deadline – Ohioans have 10 years to claim any unclaimed funds that have been reported to the Division. In addition, if any funds reported this year and going forward are not claimed within 10 years, then they will be considered abandoned and will no longer be claimable.

4.     Get peace of mind – If this has been on your to-do list for a while, think of how relieved you’ll feel once you start the process of putting this money back where it belongs – in your pocket.

5.     It’s a win-win – There is no downside. Searching for unclaimed funds is free, and you might discover money you didn’t realize you, or even a loved one, have. Even small amounts can add up.

In addition to conducting searches, Ohioans can upload required documents and track their claims status without leaving the new platform. This system also offers greater communication with claimants about the status of their claim in the event items are missing that the Division needs in order to complete its review.

“This system was built with Ohioans in mind,” said Division Superintendent Akil Hardy. “By leveraging technology, we’ve made the search and claims process easier for claimants. I’m proud of how our team has leveraged this new system to return even more money back to Ohioans.”

The Division is still experiencing a historically high volume of claims due to increased public interest and media coverage surrounding unclaimed funds. It’s important to note that each claim is different and processing times can vary based on the complexity or simplicity of the claim, and if all of the required documentation is submitted in a timely manner. Incomplete document submission remains one of the main reasons for slow processing times.

To learn more about best practices for claiming your funds, check out  Ohio Department of Commerce‘s recent release about the do’s and don’ts of claiming your unclaimed funds.