The commercials and ads in print, online, and in magazines are everywhere. "Find missing money!" "Get unclaimed cash!" "Do you have an unclaimed inheritance?" "Locate your lost assets now!" And the commercials typically end with a website or phone number viewers and readers can call to locate abandoned property. For people on a "treasure hunt" for lost money, finding unclaimed Ohio funds for current and former state residents can be a relatively easy process. Read on to learn more.
Abandoned Property
State and federal governments are legally obligated to hold on to abandoned property for a specific time (usually between five and ten years) for owners who don't realize the money is theirs. Lost assets can take many forms, typically along the lines of:
- lost inheritance
- old bank accounts
- forgotten final paychecks
- utility deposits
- insurance premiums overpaid
- overpayments on bills
- interest payments on investments
- medical bill reimbursements
In each of the above instances the company holding the money is required to turn the money over to the state or federal government. The government then holds the money, waiting for the rightful owner to find the asset and put in a claim. More than $32 billion in lost funds are held by governments in the United States, an average of $100 for every man, woman, and child in the U.S. Claiming missing money is key to reclaiming what is rightfully one's property but also to helping governments to thin down their abandoned property lists.
