Among the tens of billions of dollars in unclaimed property in the United States, the state of OH is one of the few states to be home to more than one billion of it. According to the OH Department of Commerce’s Division of Unclaimed Funds, that $1 Billion is spread over three and a half million different accounts. Even though thousands of these unclaimed accounts are returned to their rightful owners every year, to the tune of tens of millions of dollars, OH adds another 200,000 accounts every year, worth many more millions.
As with the majority of states, OH faces difficulties in returning unclaimed property to Ohioans for a variety of reasons, not the least of which is disbelief. To put it simply, most people simply are not aware of missing money and those that have heard of it, often think it is some type of scam, unless they’ve heard it straight from the source. But even those people that have accepted the reality of these billions of dollars in abandoned assets generally do not know the first thing about locating these properties.
The Div of Unclaimed Funds in OH holds the following as its mission statement: “To improve the quality of service to our customers by collecting unclaimed property equitably, managing the property wisely and effectively, and returning it timely to the rightful owners.” The Div also provides the following list of some of the most common types of unclaimed property in OH - unreturned rent and utility deposits, unpaid insurance policies, dormant savings and checking accounts, credit memos, forgotten layaway deposits, underlying shares of stock, unclaimed wages or commissions, securities, undelivered and uncashed stock dividends, credit balances, uncashed checks, intangible contents of safe deposit boxes.
If a resident of the state of OH wants to be thorough in their search for missing money, there are a handful of steps they can take to give themselves a leg up. What it all boils down to is studying and learning about the process. Figuring out where to search and when to search is key to successful searches. Did you know that not all unclaimed property web sites are the same? Did you know that the records aren’t updated on a schedule?
If residents of the Buckeye State hope to take their piece of the billion dollar unclaimed property pie, the name of the game is to search regularly. If a person searches on Monday and doesn’t find anything, there is a likelyhood that they’ll call it quits that moment. But what if a listing for missing money in their name isn’t added until Tuesday? Or maybe the following month? Or year? Each type of unclaimed property has its own amount of time which must go by before it’s considered “unclaimed” and handed over to the state. The majority of these dormancy periods are between 1 to 5 years, but many are longer, so it is clear that tracking down lost assets isn’t a one shot deal.
Further explanations on the tips mentioned, and dozens of others can be discovered if a citizen enlists the help of an unclaimed property pro in their search for Ohio unclaimed money, which is highly recommended to make sure that all resources and potential sources of cash have been explored.
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