Businesses that owe customers funds and are unable to contact them can face substantial penalties from the Ohio Department of Commerce if they don’t properly report these accounts.
When a business has funds that belong to customers, and have made every attempt to find the customers to return their money, the company must report the funds to the Ohio Department of Commerce after the funds have gone a predetermined number of years (typically between three and five) without being claimed.
Unclaimed funds that must be reported to the state include account balances, CDs, securities, deposits on utilities or balances overpaid on bills such as medical claims. The penalties for not reporting unclaimed funds to the State of Ohio can run as high as $100 per day for each day, to as high as $500 per month in criminal penalties or 1 percent of the balance per month.
The Ohio Department of Commerce is actively pursuing taxpayers who have not reported unclaimed income. If you have unclaimed funds on behalf of former customers that you are unable to reach, please contact your accounting professional for assistance in making the report.
If you suspect that you may have unclaimed funds coming to you, visit http://com.ohio.gov/unfd/TreasureHunt.aspx.