Posts Tagged ‘unclaimed funds’

Found: Your Unclaimed Funds

Monday, November 30th, 2015

Ohio Reports $2.8B In Unclaimed Funds

Unclaimed Funds - Ohio CPA firmBusinesses are required to report unclaimed funds to the state of Ohio every year. Oftentimes, these unclaimed funds could be in the form of uncashed checks, rent or utility deposits that were never deposited or savings accounts that may have been forgotten, for example.

Read Also: Is There A More Customer-Friendly OUF-8 Notice?

Businesses are responsible for notifying account holders of their unclaimed funds by using the official Notice of Unclaimed Funds form (also known as the OUF-8), though it’s not uncommon for these notices to fall through the cracks.

In 2015, Ohio is reporting that there is $2.3 billion in unclaimed funds to be collected in 2015. So far this year, Ohioans have received $34.4 million with an average claim of $2,100. In 2015, Ohio citizens claimed about $76 million in unclaimed funds.

Not sure if you have a forgotten checking account? Or was there a deposit that never made it to the bank? Check to see if you can make a claim for some of these unclaimed dollars, visit the Department of Commerce website or call the state agency.

By Joseph Popp, JD, LLM (Dublin office)

Want to learn more about unclaimed funds? Check out these posts:

Free Money May Be Waiting For You!

What Do I Need To Know About Unclaimed Property in Ohio?

Dear Drebit: Is There A More Customer-Friendly OUF-8 Notice?

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What Do I Need To Know About Unclaimed Property in Ohio?

Monday, September 16th, 2013

We have all lost things from time to time. Our keys, our phones, and sometimes it seems our minds. But did you know that more than 200,000 Ohioans have lost financial assets worth more than $1 billion? As a result and in an effort to protect property rights and reunite the owners with their rightful funds, Ohio enacted unclaimed property laws.  (more…)

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Is Your Business in the Crosshairs? Ohio Commerce Div. Examines Taxpayers for Unclaimed Funds

Tuesday, January 3rd, 2012

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. (more…)

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