Unclaimed funds are assets in accounts or deposits that have been inactive for a long period of time, usually 5 years or more. After money sits dormant for that period of time, Ohio law requires the account holders to turn it over to the Department of Commerce. These funds are then held by the state until their rightful owners claim them.
Some typical examples of unclaimed funds include uncashed checks (including tax refunds), inactive checking or savings accounts, and forgotten rent or utility deposits.
The Ohio Department of Commerce currently holds more than 2.7 million accounts worth over $350 million. The Department maintains an easy-to-search list of these accounts online. Similar departments in other states also maintain this kind of information.