By now I would hope that mostly everyone has heard of finding unclaimed money. The truth is, there is so much unclaimed money out there it almost seems like it should be against the law to not find and claim it. Or that each state should be trying to find the rightful owners, right? Well they are. The problem is that they’re are only so many ways for each State Treasury to actually do this. Unlike winning the lottery many people nationwide don’t have a clue that they might actually have missing money out there so they don’t even look.
This leads to a whole list of reasons the unclaimed money issue is still ongoing, like:
- forgotten bank accounts and/or safety deposit boxes
- security deposits on utilities that have been left behind
- private trust funds that may not have been disclosed to all of the recipients
- stocks that may have been forgotten about but have slowly picked up over time
- old insurance policies or refunds
- inheritances that have gone unnoticed or escheatment
- forgetting to issue a change of address which results in returns of last paychecks that have been mailed out as well as several other reasons…
The Ohio Department Of Commerce has a Division For Unclaimed Funds where they work diligently to find the rightful owners to solve their unclaimed money problem. It is estimated the Ohioans loose sight of over $200,000 per year which just adds annually to their State Treasury coffers. These coffers are government accounts that have been put into place for some of these exact reasons that were given above. When someone moves out of state it is much more difficult to track down the owners of this unclaimed money in Ohio.
Why does it seem like not enough effort is being put forth to physically track down these individuals? Well, several reasons. Without leaving a forwarding address the money just sits in these state coffers until they are claimed, which doesn’t tend to happen very often. Ohio does other things to find these unclaimed money owners, like run stories in the local and state wide newspapers. They also even go as far as running booths at State and local fairgrounds to try and get the word out and find some of these oblivious unclaimed money owners. Ohio also states that if you have had any claimed funds since the year 2000 you may even be entitled to the interest that was earned on it while sitting with the State Treasury.
Taking the sole responsibility out of each individual states hands, sites like UnclaimedMoney.com can help you find unclaimed money in Ohio and nationwide. This unclaimed money database provides a free search for missing money and property for citizens all across the nation making it way easier for individuals to find and actually claim these funds. By taking simple steps, like providing proof of identity from a state ID or drivers license, you can easily claim any and all outstanding funds and even property that belongs to you.