Unclaimed funds in Ohio: What to know about the possible Browns stadium funding source
The Ohio Senate wants to use the state's unclaimed property fund to pay for the proposed suburban Cleveland Browns stadium.
The state has said it's safeguarding about $4 billion through its Division of Unclaimed Funds, The Dispatch previously reported.
Where does that money come from? Here's what to know.
Unclaimed funds are lost or forgotten money that businesses and banks report to the Ohio Department of Commerce's Division of Unclaimed Funds after accounts become inactive. The money comes from inactive checking and savings accounts, refund/credit balances, uncashed cashier's checks, stocks and bonds, forgotten utility deposits or last paychecks.
The state of Ohio tries to return funds to their rightful owners through a variety of means.
The division currently safeguards more than $4 billion in unclaimed funds, and the average claim is $4,000, according to the division. In 2023, Ohioans searched for unclaimed funds more than 4.3 million times and filed for more than 43,000 claims. This resulted in over $139 million in lost or forgotten money being returned to rightful owners
A page on the Ohio Department of Commerce's Division of Unclaimed Funds website explains how to find out whether you have unclaimed funds, how you can claim them and how to submit a formal claim form to obtain the funds.
Residents can go to missingmoney.com to search if they have any unclaimed funds. They can also use an Ohio Department of Commerce portal to search as well.
The division also posts legal ads annually in newspapers across the state listing the names of people, businesses and entities in those publications' circulation areas who have unclaimed funds.
In addition, the division also sets up kiosks at various events across the state, such as the Ohio State Fair, where people can stop by and receive help to see if they have unclaimed funds.
First, you will need to fill out a claim form. Depending on the type of funds the state is holding, you may be required to provide proof of address, proof of identification, a social security number or a W-9 tax form. You may also need the claim notarized if it is over $1,000.
People claiming funds can upload their forms to a division webpage, where they can submit the claim form and any supporting documents. They could also mail the forms to the Department of Commerce's Columbus office at 77 S. High St. #20.
Claims can take up to 120 days for review. If claims do not provide the necessary forms, the process could be delayed or potentially stopped.
You can also check the status of your claim on the division webpage, com.ohio.gov/divisions-and-programs/unclaimed-funds.
Cole Behrens covers K-12 education and school districts in central Ohio. Have a tip? Contact Cole at cbehrens@dispatch.com or connect with him on X at @Colebehr_report
This article originally appeared on The Columbus Dispatch: What are unclaimed funds? How check for missing money
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