Unclaimed Money Ohio
OHIO HAS RETURNED MORE THAN $2 BILLION IN UNCLAIMED PROPERTY TO ITS RIGHTFUL OWNERS.
The state’s Department of Commerce offers a way to help Ohioans struggling financially as a result of the pandemic. Ohio is holding on to $3 billion in Unclaimed Money, according to Akil Hardy, the superintendent of the agency’s Division of Unclaimed Funds.
He spoke with Molly Koweek of News Center 7 ahead of the first-ever National Unclaimed Property Day on February 1. The day was organised by the National Association of Unclaimed Property Administrators. “It is our purpose and duty to try to return this money to the original owner or the rightful owner’s descendants,” Hardy stated.
According to him, the money comes from a variety of sources, including old bank accounts, securities, bonds, utility depots, last checks, and safe deposit box goods. According to Hardy, unclaimed funds could be as little as $25, but reimbursements are often over $1,500.
How Much Unclaimed Money in Ohio?
Residents in Ohio can check to see if they have any unclaimed monies. Officials revealed in December that Ohio had $3 billion in unclaimed funds. When there has been no activity on an account and the cash holder is unable to trace the owner, the account becomes unclaimed. An outdated bank account, a rent or utility deposit, an uncashed check, or an insurance policy could all be examples.
The property is turned over to the Ohio Department of Commerce Division of Unclaimed Funds for “safekeeping” after a set amount of time. Officials stated that “the Division works vigorously to locate down the correct owner and reunite that Ohioan with their hard-earned but forgotten money.”
The monies have no time limit, according to officials. The money is held in escrow until the legitimate owner or their heir claims it. Due to numerous scenarios and living circumstances, you may forget about your funds or property. When, for instance. Due to a lack of financial activity, your bank account becomes dormant. You have unclaimed insurance money that you aren’t aware of. In your safety deposit boxes, you have some unclaimed items. There was a bank failure, and you could not reclaim your funds.
