Unclaimed Property is money owed to people and companies that gets turned over to Ohio when companies can't find people to pay it back. For example, if you move and you don't tell your utility company your new address, they don't know where to send your refund check. In this case they would turn the money over to Ohio as Unclaimed Property. Ohio would then hold it until you come and claim it. Some states take the money after a certain number of years, while some hold unclaimed funds indefinitely.
Here's the important thing - you could have free money waiting for you!
Total Unclaimed Funds
Three Billion Dollars
Average Claim Size
$1,280 to $2,560
Claims Per Year
Seventy Five Million dollars
According to this March 2022 News Herald article, the State of Ohio is holding over Three Billion Dollars in unclaimed funds.
Over Eleven Million people live in Ohio, so that means Ohio is holding over $256 per resident! Not every resident has unclaimed funds, so that means the average claim is much higher. Usually 1 in 5 to 1 in 10 people have unclaimed assets waiting for them, which would make Ohio's average claim between $1,280 and $2,560.
In just 2021, Ohio returned an astounding Seventy Five Million dollars to people with unclaimed money and property.
Some common examples of unclaimed propert include:.
Many times people forget they have accounts open with companies, or move companies that owe them money can't find their new address. For exampe, electric companies, natural gas companies, phone companies, and others often owe people money when they move, but can't find the person's new address to send them a check. After a certain time period the company must turn that money over the the state, and the state holds it until the owner comes to claim it. Approximately 1 out of every 10 people in the US have unclaimed money waiting for them, they just have to claim it.
You can search for and and claim unclaimed assets on the Ohio's official webste.
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