January 2011

Spotlight On…   Unclaimed Funds

What are unclaimed funds?

Ohio Revised Code Chapter 169 states that accounts become unclaimed when, over a specified period of time there has been no activity, and the holder of the funds cannot locate the owner. The time frame varies depending on the property but in most cases, it is five years. Unclaimed property is turned over to the State which acts as custodian of the funds until they can be returned to their rightful owner. Savings, checking, certificate of deposit accounts; payroll (wages, bonuses, commissions); stocks and bonds (uncashed dividends, interest checks, underlying shares principle); insurance proceeds; credit balances; customer deposits; travelers checks; and money orders are all examples of unclaimed property.

Is there a time limit for claiming funds?

No, the funds are held until the rightful owners can be located.

Where can you find out if you have any unclaimed funds?

The Division of Unclaimed Funds maintains a database on the State of Ohio website, which includes accounts dating back to 1968.

What happens if your name is in the list of accounts?

You’ll need to fill out a form to request more information about the account and procedures for filing a claim. Details are available on the Department of Commerce website.

Completed forms should be mailed to:

Division of Unclaimed Funds
77 South High Street, 20th Floor
Columbus, Ohio 43215-6108

Do other states have unclaimed funds accounts?

Yes, every state and the District of Columbia has abandoned property laws. To search for unclaimed property in other states, try the National Association of Unclaimed Property Administrators website.

More information about unclaimed funds, including frequently asked questions, laws, rules, and guidelines, and instructions for claiming funds, can be found at the State of Ohio website.

Have any other questions about unclaimed funds?

Please contact the Information & Reference Department at 513-369-6900.