The Ohio Division of Unclaimed Funds makes it easier for residents to claim their share of the state’s $4.8 billion in unclaimed funds.
This upgrade, which aims to simplify and possibly speed up the claims process, is a welcome change, especially given that the division returned over $149.6 million to Ohioans in 2024 through more than 26,000 claims.
According to a news release from the Ohio Department of Commerce, the new system, which is hosted on the division’s website, now allows users to search for unclaimed cash, upload required documents, and track the status of their claims without ever leaving the platform.
Akil Hardy, Superintendent of the Ohio Division of Unclaimed Funds, stated that these improvements were the result of consumer and business feedback, with a focus on leveraging technology to improve service quality.
According to the Ohio Department of Commerce, “This new system allows us to verify claimants’ information once it’s provided to us and, in some cases, automatically approve some claims, which means that more claimants could see faster payout,” Hardy stated.
He emphasizes that, while claimants must still submit the required documents, the goal is to increase transparency throughout the process.
The department has established a simple three-step claim process for Ohioans looking for funds that may be theirs.
Begin by searching the new system for any unclaimed funds, then gather all necessary paperwork before submitting everything via mail or directly to the system.
Previously, reviews could take up to 120 days, but the new system’s capabilities may reduce this timeframe significantly.
The updated system simplifies matters for businesses by allowing them to file reports directly on the system, bypassing the Ohio Business Gateway.
Businesses can now upload their National Association of Unclaimed Property Administrators (NAUPA) files, generate manual reports, remit funds, or confirm the absence of unclaimed funds in just a few minutes.
According to ORC 169, all businesses must report any unclaimed funds to the Division, even if they are nonexistent.
