Ohio has $4 billion in unclaimed funds — how to get your share

CLEVELAND (WJW) – Looking to put a little extra cash in your pocket? You might be in luck. There’s still billions of dollars in funds waiting to be claimed in Ohio.

The Ohio Department of Commerce reported last week that its Division of Unclaimed Funds is safeguarding about $4 billion in unclaimed funds.

Unclaimed funds are “lost or forgotten money that businesses and banks report to the Division of Unclaimed Funds after accounts become inactive, typically between 3-5 years,” according to the Department of Commerce .

Experts say the funds typically come from inactive bank accounts, refund and credit balances, stocks and bonds, uncashed cashier checks, utility deposits and final paychecks.

You can find your unclaimed funds by searching online , making sure you have the necessary documents and then sending the information to the Division of Unclaimed Funds either online or by mail.

While making the initial claim is a quick process, experts say it can take several months to get your money, as FOX 8 reported in March.

In a recent press release , the Department of Commerce wanted to shed some light on myths and misconceptions surrounding unclaimed funds:

• Yes, it’s completely free to claim your unclaimed funds. Experts with the Division of Unclaimed Funds are also able to lead you through the process if you need help.
• No, unclaimed funds do not expire. They will be held by the division until they are rightfully claimed, officials say.
• Just because you are careful with your finances doesn’t mean you won’t have unclaimed funds. According to officials, one in seven Americans have unclaimed funds.
• Even though you claimed your lost money in the past, you could still have more in the future, since businesses in the state have to report unclaimed funds every year.
• Yes, it’s OK to search if your family members or friends have unclaimed money. It’s also recommended to find out if deceased family members have unclaimed funds.

According to the Department of Commerce, Ohioans claimed more than $139 million last year.

You can learn more about unclaimed cash in Ohio right here.

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