Where Do All The Unclaimed Funds Come From?

Ohio Unclaimed Funds

In fact, there are several sources as money can come from utility deposits, bonds, stocks, bank accounts and so on.

Ohio Unclaimed Funds

Due to the Coronavirus pandemic, many people have faced layoffs, unforeseen expenses, emergency shopping and can barely make ends meet. If you are an Ohio resident, you can still inquire if you have unclaimed funds.

You may know that accounts become unclaimed if there was no activity on it and the holder of the funds cannot locate the owner. It can be anything from rent or utility deposit to an old bank account, an uncashed check and so on. Thus, after a certain period of time, the property is transferred to the Ohio Department of Commerce Division of Unclaimed funds for safekeeping. Currently the Division is working to track down the rightful owner and reuniting him with his money. Also, you should know that there’s no any time limit, so funds can be kept until the owner or heir demands them.

How Do I Find Unclaimed Money In Ohio?

The Ohio Department of Commerce says they currently have over $ 3 billion waiting to be returned to their owners. As already mentioned, there is no specific time limit, so it will be kept awaiting the owner. However, how can you find unclaimed funds in Ohio? How can you know if a part of them belongs to you? Since many people are asking this question, let’s figure out how you can find out if this money belongs to you.

Everything is simple enough. To find out if you have unclaimed funds, you should visit the Ohio Department of Commerce Division of Unclaimed Funds website (or missingmoney.com website) and search your name. You can also call 877-644-6824 or email unfdclaims@com.state.oh.us. As the legend has already said, there is no deadline to claim your funds, so the money will remain in the department as long as it is claimed.

If you want to know what the department is doing, then it registers people who are looking for no and help them get their funds back for a fee. As a rule, the traditional fee does not exceed 10%. Note, however, that you do not need to resort to the help of a “finder” if you want to get them yourself.

How Are Finders Registered?

You should note that finders are registered through the department. Thus, they receive a registration number. Further, if someone contacts you claiming to be a registered finder, you can ask from the registration number. Alternatively, you can call the ODC for confirmation.

Where Do All The Unclaimed Funds Come From?

Of course, many people, and Ohio residents in particular, want to know where the unclaimed funds come from. However, there are a large number of sources from where they can be obtained. Superintendent of the Division of Unclaimed Funds say that they include, for example, stocks, bank accounts, bonds, utility deposits or the last check from a previous employer. Also note that claims must be processed within 120 days under the law, but in fact people take much less time than that for the people to receive their property.

What Are The Dangers Associated With Ohio Unclaimed Funds?

In fact, the Department warns that there is a huge amount of history of criminals using this technology to commit illegal activities such as stealing personal data, extorting money from people, and more. Therefore, be careful as the unclaimed funds (which are discovered through the ODC) are subject to scams both on the phone and on the internet.

However, you can still protect yourself. If a solicitor asks for your personal information in advance) claiming to be a finder, contact the ODC to verify a legitimacy. In this way, the ODC warns people about the danger and encourages them to remain vigilant and exercise discretion when it comes to personal information.

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