COLUMBUS, Ohio — Now that we have your attention, it's worth pointing out that Ohio's Division of Unclaimed Funds is set to cross $4 billion this year.
The department is responsible for handling money and assets when the original owner cannot be found.
That means uncashed cashier checks, insurance payouts, last paychecks at a business, utility deposits and more end up in their office after years of inactivity.
In addition to money, the department also holds about 30,000 safety deposit boxes and their contents.
Here's how you can see if your name or someone you know has unclaimed money — and how to get it!
1. Visit Ohio's Division of Unclaimed Funds website (click this link)
2. Click on the blue box that says "Find Your Funds." This will direct you to MissingMoney.com, which handles the unclaimed database for most states in the U.S.
3. Type in your name (or the name of the individual you want to search). You don't have to enter a city, but it may help narrow down the results.
4. If you believe you are the rightful owner of a claim, click the "CLAIM" button next to it. That will populate a list of claims to help you file for them all at once. When you're done, click "VIEW CLAIMED PROPERTIES."
5. From there, you'll be asked to fill out some primary information, including your name, current address, email address, phone number and relationship to the property (heir, owner, joint owner, etc). A reminder that filing this paperwork does not cost anything.
6. After you submit your initial information, check your email! A partially completed form is there for you to complete and send back to the Division of Unclaimed Funds, along with any necessary documents or paperwork. (You can do this via mail or online — see below!)
7. On average, it takes the department about 120 days to initially review a claim. If approved, you did it and should be receiving a check in the mail!
If you don't want to mail in your form, you don't have to — they accept uploaded documents as well
Last year, the department unveiled an online option to upload the necessary documents and bypass mailing in a claim form.
Since then, leaders told News 5 only about 20% of claims utilize their online upload feature. (Once you receive your claim form, you can upload your documents here.)
We are safeguarding nearly $4 billion in lost or forgotten money so chances are, you or someone you know has missing money. Start searching for your #UnclaimedFunds here: https://t.co/0KRxC1PcFs pic.twitter.com/zJRVwHxWbt
— Ohio Unclaimed Funds (@UnclaimedOhio) June 27, 2023
The amount of money the Division of Unclaimed Funds holds is growing — and growing
News 5 visited the department in their Columbus offices earlier this month to learn more about how it all works.
Over the years, that total number of unclaimed assets continues to climb, even as they process claims totaling anywhere from $75 million to $136 million in a given year.
In 2017, the department held $2.6 billion in unclaimed funds. That number crossed $3 billion in 2019 and is expected to cross $4 billion in 2023.
As outreach administrator for Ohio's Division of Unclaimed Funds, Susie Wagner points out it is becoming more routine and standard for banks and businesses to report unclaimed money once an account goes inactive, which is usually between three to five years.
"We are doing outreach to the businesses and the banks more and more," Wagner explained. "By law, [those businesses and banks are] required to report that money to us, so we’re getting more reported to us. It’s just going to keep rising."
The hurdles you can encounter filing a claim
Ohio's Division of Unclaimed Funds began in 1968, and Wagner is quick to point out that their office still holds claims from when they started.
Wagner told News 5 that one of the major issues they face is having Ohioans submit the important information needed to complete the claim, as well as convincing Ohioans that what their department is doing is not a scam.
"We have to be able to verify they are the rightful owner, and more often than I'd like to admit, we have people who don't want to give us a copy of their driver's license and social security card," Wagner explained.
The Division of Unclaimed Funds team consists of 48 employees who process about 300 claims a day.
Wagner told News 5 that based on the information provided by the bank, they are unable to identify the owner or heir of this collection.
As the department sees more and more money coming into its offices, data from the Ohio Department of Commerceannual report shows a decline in the number of paid-out claims over the past six years.
In 2017, the department paid out 60,318 claims. By 2019, that number fell to 36,910. And the latest data for 2022 shows the department paid out 24,572 claims.
Leaders at the Division of Unclaimed Funds told News 5 that many of their claims belong to deceased individuals, and more specific documentation is involved for their heirs and executors, making the process more complicated.
As a result, a spokesperson said they have "added some instructional videos and more information on our website for claimants to help them better prepare and understand what is required."
Additionally, some information tied to a claim may make it more difficult to narrow down the rightful owner.
"We’re trying to match the information that the banks and businesses give us, and sometimes it's not a lot," Wagner explained. "Sometimes, they don't give us an address. So you're just getting 'Bob Smith in Ohio.' We have 'Bob Smith' contacting us, saying he’s 'Bob Smith' for this claim. We have to verify we have the right guy."
One last time — here's where you can check to see if you have any unclaimed funds (Click here)
There is no deadline to claim money held by the Division of Unclaimed Funds, and the department is quick to remind everyone that filing a claim is entirely free.
"We will have that money forever until the rightful owner claims it, and it will collect interest," Wagner said.
Clay LePard is a special projects reporter at News 5 Cleveland. Follow him on Twitter @ClayLePard or on Facebook Clay LePard News 5.
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