In the last year, the state paid back nearly 100 million dollars to Ohioans who had unclaimed funds. Right now the Department of Commerce has $2.8 billion in unclaimed money, just waiting to be reunited with its rightful owners.
The Department of Commerce Division of Unclaimed Funds collects money from dormant accounts on things like checking accounts or utility deposits. You can find out if some of that money is yours with just your name, state, and your address.
“On average claims are about $1500 dollars,” Said Akil Hardy the Superintendent of the Ohio Divsion of Unclaimed Funds. After about three years an account becomes dormant, then the state steps in to hold it in an effort to reunite it with its rightful owner. “The largest amount of money that we paid out to one individual was $1.9 million dollars,” Hardy added.
The number of unclaimed funds has gone from $2 billion last July to $2.8 billion today. “It could be an old savings account from when you were 18, a stock, a bond,” Hardy added.
In addition to unclaimed funds, the state also holds onto old safety deposit boxes. Contents there range from old baseball cards, stocks, and rare coins, to gold teeth. “We keep those items into perpetuity, forever,” Hardy said.
The Unclaimed Funds department holds onto the money indefinitely, meaning even you don’t have anything under your name, a deceased relative might. To find out of you have funds in your name you can go to www.MissingMoney.com