Ohio issues reminder of $4 billion in unclaimed funds

COLUMBUS, Ohio (WCMH) – Unclaimed funds are lost and forgotten money from inactive checking and savings accounts, last checks from former employers, overpayments, and more.

Better Call 4 and the Ohio Department of Commerce's Division of Unclaimed Funds regularly remind residents to claim that cash, which is currently being safeguarded by the state.

"We keep the money, forever, until the rightful owner claims it," Division of Unclaimed Funds Program Administrator Susie Wagner said.

But according to statistics recently released by the division, a large number of residents are not claiming that money. Many of them, right here in central Ohio.

When it comes to Ohio counties with the largest amount of unclaimed funds, Franklin County is at the top of the list -- both locally and statewide.

Of the nearly $4 billion currently in the division's possession, more than $343 million, or 8.5%, belongs to residents and businesses in Franklin County. Delaware County is at a distant number two, with $28.7 million unclaimed, and rounding out the top three is Licking County, with $22.1 million.

Zooming out to look at the state, Franklin County is still at the top, sitting at number two, only behind Cuyahoga County where more than $477 million have not been claimed.

Wagner said the process to find out if any of that money belongs to you, and the process to claim it, is pretty simple.

"First, they need to search on our website, at unclaimedfunds.ohio.gov," Wagner said. "Two, they review our checklist of documentation on our website, to make sure they can provide us proactively that supporting documentation that we need to verify that they are the rightful owner. And then, three, send it to us and they can do it online or via mail."

And the amount can vary, from a few bucks to a whole lot more.

"The average unclaimed funds payout last year per claim was $2,031," Wagner said. "So, we're not talking about pennies."

Wagner said there is no time limit or deadline when it comes to claiming those funds. The division holds onto them until they are claimed.

Once you initiate a claim, Wagner said it can take up to 120 days to review the paperwork and get your money to you, which will come as a check in the mail.