Reminder: Businesses must file annual unclaimed fund report

Written on Apr 19, 2018

Do you know what to do when you have a customer account that’s become dormant and you can’t contact the owner despite your best efforts?

The Ohio Department of Commerce’s Division of Unclaimed Funds take reports of unclaimed property, and works to reunite Ohioans with their hard-earned but forgotten money. Unclaimed properties include deposits, unclaimed wages, checking or savings accounts and insurance policies, as well as the contents of safe deposit boxes.

All businesses located or operating in the state of Ohio are required to file an Annual Report of Unclaimed Funds with the division per Ohio Administrative Code Section 169.01. A few points about businesses’ reporting requirements:

  • There are no minimum reportable dollar amounts, except for unclaimed wages less than $50.
  • Businesses must file a report annually. Businesses not holding any unclaimed funds must still file.
  • The reporting deadline for non-life insurance companies is Nov. 1. The deadline for life insurance companies is May 1.
  • The only entities exempt from reporting are political subdivisions of the state and Internal Revenue Code 501(c)(3) tax-exempt hospitals.

Citizens can search for unclaimed property on the division’s website. If unclaimed funds are found, individuals can file a claim and provide documentation showing they are the rightful owner. There is no cost to file a claim.

For more information on businesses’ requirements to report their unclaimed funds, visit the division’s FAQ page, or contact the division at 614-466-4433 or UnfdClaims.UnfdClaims@com.ohio.gov.

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