January 23, 2012
Locating OH Unclaimed Assets – Part 1 of 2
(Part 1 of 2)
Among the tens of billions of dollars in unclaimed money in the U.S., the state of OH is one of the few states that house over one billion of it. According to the OH Department of Commerce's Division of Unclaimed Funds, that $1 Billion is spread over 3.5 million different accounts. Even though thousands of these unclaimed accounts are given back to their rightful owners each year, totaling in the tens of millions of dollars, the state takes in another 200,000 accounts each year, worth millions more.
As with most states, OH has trouble handing back unclaimed money to its residents for a number of reasons, not the least of which is disbelief. To put it quite simply, most people simply are unaware of missing money and those that have heard of it, generally think it is some type of scam, unless they hear it straight from the source. But even those people that have recognized the reality of these massive amounts of missing funds generally don't know the first thing about finding these funds.
The Division 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 Division also provides the following list of some of the most common types of unclaimed money 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.
(to be continued)
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