COLUMBUS — The Ohio Division of Unclaimed Funds now has more than $3 billion that is owed to people. Some of these unclaimed funds could be an uncashed check, an uncashed insurance policy or a bank account, rent or utility deposit.
The division owes the money to about 12 million account holders, according to the Dayton Daily News. Eleven million of those accounts are for less than $100, but the other million are for accounts with more money than that.
Unclaimed property is held indefinitely by the division. The division’s website makes it easy to find out whether a person is owed money. A person must only type a name into the section titled “Find Missing Money,” and they are taken to a database that lists the name and addresses of people owed money and whether they are owed more or less than $100.
To claim money, a person must provide a valid ID and proof of address. To claim money on another person’s behalf, the person will have to take the claim to Probate Court.
Currently, Ohio lawmakers are considering legislation to make it easier to get money into the hands of the people to whom it is owed. House Bill 270 would require that entities give unclaimed funds to the state within a year and ease the requirements for claiming funds from estates that are less than $5,000.
Tyler Arnold reports on Virginia and Ohio for The Center Square. He previously worked for the Cause of Action Institute and has been published in Business Insider, USA TODAY College, National Review Online and the Washington Free Beacon.Reach