Forgot about an uncashed check, rent deposit or insurance policy? Your money might be waiting for you at the Ohio Department of Commerce's Division of Unclaimed Funds.
About $3.2 billion from 16 million accounts is waiting to be claimed there.
House Bill 348, sponsored by Rep. Derek Merrin, R-Monclova Township, would make it easier to locate those with unclaimed funds by requiring state and local governments to share basic information such as addresses and phone numbers. The bill recently passed the Ohio House unanimously.
Missing money? Here's how to find out if you have unclaimed funds in Ohio
The bill would also eliminate hoops that families must jump through to access the unclaimed money of deceased relatives. Under current law, the family must go through probate court.
Unclaimed funds: Businesses wouldn't have to report small amounts under Ohio bill
Another change would eliminate a requirement that businesses report unclaimed funds under $25 to the state. These small claims contribute to $59 million of the fund's more than $3 billion in 2020. Companies could still choose to report them to get the figures off their books.
Ohioans could still claim these smaller amounts by contacting the business.
The change would allow the Division of Unclaimed Funds to focus their resources on larger sums, Merrin said.
“Ohioans are not going through the arduous process of redeeming unclaimed funds that they’re owed $2.22 for," Merrin said on the House floor. "We need to spend our time helping to reunite people with their money that certainly have hundreds, if not thousands, of dollars at stake.”
Other changes include:
- Establishing a five-year statute of limitations and caps penalties for businesses that don't report unclaimed funds. The goal is to encourage compliance and the current division imposes few penalties currently.
- Requiring the division to create a plan to improve returns on unclaimed fund investments.
- Requiring reporting of unclaimed virtual currency, including gift cards, loyalty cards and reward cards.
To become law, the proposed bill would need Ohio Senate approval and Gov. Mike DeWine's signature.
How do I find unclaimed funds?
You can see if you have unclaimed money by visiting www.missingmoney.com.
If you have unclaimed funds, you must fill out a form and include a copy of your photo ID. The division might need more details, such as proof that you lived at a specific location. There is no fee to claim funds.
If your claim is valued at $1,000 or more, it must be notarized. Additional frequently asked questions can be found on the Ohio Department of Commerce's website.
But be careful. Bogus websites often claim that they can find your unclaimed funds for a fee then ask for personal information like Social Security numbers.
Jessie Balmert is a reporter for the USA TODAY Network Ohio Bureau, which serves the Akron Beacon Journal, Cincinnati Enquirer, Columbus Dispatch and 18 other affiliated news organizations across Ohio.
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