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Frequently Asked Questions
General
Q.
What is Unclaimed Property?
A.
Unclaimed
property is any financial asset for which an owner has not generated activity
for an extended period of time. This may include savings, checking, certificate
of deposit accounts; payroll (wages, bonuses, commissions); stocks and bonds
(uncashed dividends, interest checks, underlying shares principle); insurance
proceeds; credit balances; customer deposits; travelers checks; money orders
and other intangible interests or benefits.
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Q.
How does property become unclaimed?
A.
Ohio Revised Code Chapter 169 states that
accounts become unclaimed when, over a specified period of time there has been
no activity, and the holder of the funds cannot locate the owner. The time
frame varies depending on the property but in most cases, it is three to five
years. One exception is payroll checks, which are only held for one year. The
funds are then turned over to the State, which acts as custodian of the funds
until they can be returned to the rightful owner.
All states have unclaimed property
laws, however, the dormancy periods vary from state to state.
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Q.
Why does the State of Ohio have unclaimed funds laws?
A.
-
To protect the property rights of the owner and to
reunite the owner with the funds;
-
To provide a centralized location of contact for
potential owners of unclaimed funds; and
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To provide the holders relief from liability.
Before
the unclaimed funds laws were enacted, corporation and financial institutions
absorbed unclaimed accounts as profits and the money was lost forever to the
rightful owners.
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Q.
How does the Division of Unclaimed
Funds locate the owners?
A.
In 1997, the Division activated its Internet website, at
www.unclaimedfundstreasurehunt.ohio.gov which
contains a searchable database. To date, it is the most
popular site
among other state sites with a link to other states and background
information on unclaimed funds. A claim form can be requested
on-line.
The Division of Unclaimed Funds annually
publishes the names of unclaimed property owners reported in the previous
year in all of Ohio’s 88 counties. We also participate in DOC's booth at
the state fair.
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Q.
Who holds unclaimed property?
A.
"Holders" are private business enterprises,
public corporations, financial institutions, non-profit organizations and all
other entities that maintain account balances, write checks, or hold funds in
escrow for another person or persons. The only entities exempt from reporting
are political subdivisions and 501.C3 hospitals (refer to section 169.01(D)(2)
of the Ohio Revised Code).
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Q.
Where does unclaimed property go?
A.
Every state and the District of Columbia
have an unclaimed or abandoned property laws. It is each state’s responsibility
to administer its law accordingly. In Ohio, the responsibility lies with the
Department of Commerce, Division of Unclaimed Funds. In other states, that
responsibility may lie with the Treasurer, Comptroller or various state
agencies. In all cases, the property is held by the state for the owner or heir
in a custodial nature. In almost all cases, including Ohio, the money never
reverts to the state, but is held forever until the rightful owner claims it
.
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Q.
What will happen to the contents of my safe deposit box?
A.
The contract between you and your financial
institution will state the length of time that they will hold your box after
inactivity. After that time, contents will be turned over to the Division of
Unclaimed Funds. Periodically, the Division may conduct and
auction. The proceeds from the sale will be credited to an account in your
name, less any bank liens, and will be paid to you or your heirs upon filing a
valid claim. When claimed, all contents will be returned to the rightful owner.
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Q.
What will happen to my investment accounts (i.e., stock, bonds, mutual
funds) if I do not maintain contact with my broker or the company in which my
funds are invested?
A.
You investment accounts will be turned over
to the Division of Unclaimed Funds and will be liquidated upon receipt. The
proceeds from the sale of your stock will be credited to an account in your
name until such time you or your heirs submit a valid claim.
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Q.
What about real estate,
boats and cars?
A.
These items are considered tangible
property and the division does not hold tangible property.
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Q.
Why can’t I find some of the unclaimed funds on the Internet?
A.
The Internet web site
is updated once every month. In some cases, you may find out about an
account that is too new to appear on the website. That account will appear the
next time the website is updated. Funds reported without a name will not appear
on the website and will require additional
research
.
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Q.
How can I prevent my property from being turned over to the State?
A. Keep
accurate and current records of bank accounts, insurance policies, stock
certificates, utility and rent deposits, and safe deposit box locations.
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Keep accounts active through customer-initiated
contact with the holders of your property through activity on your account,
(not merely the accrual of interest).
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Cash all checks for dividends, wages, refunds, and
insurance settlements.
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Notify a family member or trusted advisor of the
location of your records.
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Prepare a check list of the
above items to be used for notifying all concerned parties if you change your
address.
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Claims Questions
Q.
What
should I do if I think I may have unclaimed funds?
A.
Provide your current name, current address and any
prior addresses or counties in Ohio in which you lived along with any prior
names you have used, such as maiden names. Or you can click
here
to search for unclaimed funds on-line. If you find accounts belonging to
you or someone you know, you can print the claim form, complete it and return
it to us with all required documentation at the above address or, if you are
unable to print the form, you can submit the information to us on-line and we
will mail a claim form to you.
Pursuant to section
169.06
of the Ohio Revised Code, you must possess a property interest in an unclaimed
account in order to request a claim form. A property interest can include
ownership or a right to the unclaimed funds; however, you may also request a
claim form for a family member or friend.
Be advised that the information
provided on this website is for the use of the general public and is not
intended for paid, professional finders. These listings do not contain
sufficient information to enable preparation of the required full-disclosure
contract, nor is a "check received date" available for calculation of the 24
month waiting period. If you have questions, please e-mail us at
unfd.claims@com.state.oh.us.
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Page
Q.
How will I know
where my unclaimed funds came from?
A.
We will mail a claim form to you if we find
funds belonging to you. The source and type of the funds will be listed on the
claim form. The searchable database on our website also includes the name of
the original holder.
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Q.
Is there a time limit for claiming funds?
A.
No, the funds are held
until the rightful owners claim them. When the division requires additional
proof, you will receive notification from our office with instructions for
providing the additional documents. You may always reopen a claim.
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Q.
How do I establish ownership?
A.
The Division does not pay a claim on the basis of
name alone. Proof may be as simple as a document that shows your name and
Social Security number, or proves that you lived at the reported address on
file with the Division. After you complete a claim form, the Division will
notify you if additional documentation is required. The next eight
questions relate directly to the proof required by the claim form.
If you are not the original owner,
you must first prove that the account belonged to the original owner, then you
must prove you are entitled to the original owner’s money.
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Q.
What are some
examples of minimum proof of claim?
A.
First, always provide a clear copy of your photo
I.D. For proof of address, you may send a clear photo copy of a document with
your name and the reported address listed in box B on the claim form. This may
include a driver’s license, State ID, work ID, income tax return, mortgage
deed, bank loan papers, auto registration, divorce decree, birth certificate,
report card, college transcript, bank statement, insurance papers, medical
card.
For proof of Social Security
number, you may send a clear photo copy of a document with your name and Social
Security number on it, such as your Social Security card, W-2 or income tax
form.
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Q.
What do I do if the
account is a joint account?
A.
The account will be paid according to how
it was originally set up by the owners. If the account is set up as "John Doe
AND Jane Doe" we require proof from both owners to pay the claim. If the
account is set up as "John Doe OR Jane Doe" the account may be paid to either
owner. If you cannot show how the account was set up, it will be treated as an
"AND" account. The Division cannot divide a joint account. It must be paid in
whole. If the account was set up under the Uniform Transfer to Minors act and
the primary owner/child is under the age of 21, only the custodian may claim
the account without a court order. The minor can claim the account at 21 years
of age. If one owner is deceased and there is no indication of survivorship,
the surviving owner may claim the entire amount, upon proof of the death of the
other owner.
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Q.
If I am not the original owner, or the owner is deceased, how do I prove
the claim?
A.
First, you must show that the
account belonged to the original owner (minimum proof of claim). Second,
you must prove that you are the rightful recipient of the funds, and you are
legally entitled to claim these funds for the owner, for example if the owner
is incapacitated or deceased. If the owner is incapacitated, the Division will
require proper documentation from the Court to show a guardianship or custodial
relationship.
If the original owner is deceased,
the Division will require that you contact the Probate Court in the county
where the owner lived at the time of death. You must obtain documentation from
the Probate court that grants you the right to obtain the funds. Depending on
how large the account is, it might be necessary to reopen the estate. Probate
documents must be no more than one year old.
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Q.
Should I provide my social security number?
A.
While your Social Security number is
optional on the Division of Unclaimed Funds Claim Form, it may be extremely
helpful to the Division in proving your claim.
If you decide to voluntarily
provide your Social Security number to the Division to use as proof of
ownership for the funds you are claiming, the Division will hold your Social
Security number in the strictest confidence. It will be disclosed only to those
State of Ohio employees involved with the identification of the funds and the
payment of your claim. If you choose to withhold your Social Security number,
you may be required to provide additional items of identification and proof of
ownership to sufficiently establish your entitlement to the funds you are
claiming. The Division may not have a Social Security number on file for every
account, therefore providing your Social Security number does not guarantee the
payment of your claim In any case, your Social Security number will be required
if the account is eligible for interest.
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Q.
Will I be
entitled to interest?
A.
If your funds are $25 or more and were
received by the Division before July 26, 1991, then you will be paid
interest from the date your funds were received by the Division until July 26,
1991. The date your funds were received by the Division is on the front of the
claim form, section E. No interest will be paid on any account received after
July 26, 1991. Interest is 6% per annum, and is not compounded. If you received
a W-9 form, please complete it and send it with your claim form. This is
required for the payment of interest.
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Q.
What is the 5% administrative fee?
A.
In 1991, the Ohio State Legislature amended
Ohio Revised Code (ORC) section
169.08
and implemented a 5% administrative fee to be assessed to each claimed
account. The Division of Unclaimed Funds is a self-supporting agency and
the 5% fee helps to offset the expense of the Division. If you are
represented by a paid professional finder, that finder may charge an additional
fee of up to 10% of the account.
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Q. What is a
paid, professional finder?
YOU DO NOT HAVE TO USE A FINDER
TO FILE A CLAIM.
A.
A paid, professional finder is someone who
is in the business of trying to find and assist the owners of unclaimed
funds. If you do choose to use a finder, a full disclosure
contract must be signed between the finder and the owner and must specify where
the money is, what the money represents, the amount of the funds, the
finder's fee (no more than 10%), and how much the owner receives
after the fee. Additionally, the contract must be included with your claim
form. In order for a finder to accept a fee, the funds must be in the Division
of Unclaimed Funds' custody for a minimum of twenty-four months. Paid,
professional finders must provide the following information:
Paid
Professional Finder Name
Finder SSN/TIN
Finder Address
Finder Telephone
City, State and Zip Code
The information
provided on the Division’s web site is for the use of the general public and is
not intended for paid professional finders. These listings do not contain
sufficient information to enable preparation of the required full-disclosure
contract, nor is a "check received date" available for calculation of the 24
month waiting period.
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Q.
How do I
receive information about becoming a professional finder?
A.
In order to receive information needed to
operate legally as a finder in Ohio, please
contact
our office by mail, providing your name and address.
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Q.
Where can I find a Notary Public?
A.
A Notary Public can be
found at your local bank, city and county offices, police and sheriff’s
departments, and most attorney offices.
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Q.
Why is there $0.00 in
the Dollar Amount field?
A.
The
holder reported stock or Safe Deposit Box contents. Once the
stock is sold, the proceeds can be claimed. Please
contact
our office to receive further information or to have a Claim
Form mailed to you.
Please include your complete address in the e-mail.
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Finder Questions
Q.
When can a Finder assist an owner with the recovery of an unclaimed account
for a fee?
A.
A property must be in the
Division's custody for 24 months before a Finder can charge a fee for assisting
the claimant AND the Finder must have a valid contract pre-approved by the
Division.
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Q.
How much may a Finder charge for assisting in a
claim?
A.
A Finder may not charge more than 10% of the total amount claimed AFTER the
5% administrative fee has been subtracted.
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Q.
What is a
valid contract?
A.
In order for a contract to be
valid, it must be in writing and signed by both the Finder and the owner of the
funds. The owner's signature must be notarized. The contract must also contain
the following information:
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The nature and value of the property (example
- savings account valued at $462.00);
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The amount the owner will receive after the
fee or compensation
has been subtracted (example below):
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$462.00
($23.10)
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$438.90
($43.89)
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$395.01
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Amount held by Division
5% administrative fee charged by Division
Subtotal after 5% fee subtracted
10% Finder's fee
Final total to be paid to owner
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Our name and address listed as the entity in
possession of the funds
Division of Unclaimed Funds
77 South High Street, 20th Floor,
Columbus, Ohio 43215-6108
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The contract then must be submitted to the Division
for pre-approval and issuance of a claim form.
Safe deposit box contents which consist of entirely
non-cash items have no identifiable value, and hence, a finder agreement is not
valid.
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Q.
Where can I find more information on the laws and rules regulating Finders
in Ohio?
A. You may refer to the Division's laws and
regulations on-line by clicking on either the
Ohio Administrative Code.
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Holder Questions
Q. Who must file an Annual Report of Unclaimed Funds?
A.
All businesses that are located and/or operate in the State of Ohio or hold funds due to Ohio residents are required to file an Annual Report of Unclaimed Funds. CPAs or Attorneys that are in private practice are required to file an Annual Report of Unclaimed Funds. CPAs and Attorneys not in private practice do not have to file separately from the firms for which they work. The only entities exempt from reporting are political subdivisions of the State, and I.R.C. 501(c)(3) tax exempt hospitals.
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Q. What types of accounts can become reportable unclaimed funds and when do they become dormant?
A.
All intangible property unclaimed by its owner(s) for a specific period of time which may include savings accounts checking accounts, unclaimed wages, dividends, credit balances and many other types of outstanding checks and balances payable. For a detailed list of accounts that are reportable as unclaimed funds and their dormancy periods see the Nature of Funds Codes on page 27 of the Annual Report of Unclaimed Funds Forms, Instructions and Information booklet .
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Q. Are any types of accounts exempt from unclaimed funds reporting requirements?
A.
Yes, there are three (3) types of accounts that are exempt from the unclaimed funds reporting in Ohio. They are
- Wages less than $50.00 issued on or after July 1, 2000.
- Gift Certificates
- Business to Business Transactions which are limited to funds paid or received as the result of the company’s receipt or issuance of an invoice.
See page 2 of the Annual Report of Unclaimed Funds Forms, Instructions and Information booklet for a more information about accounts that are exempt from Ohio’s unclaimed funds reporting requirements.
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Q. What are Ohio's unclaimed funds reporting deadlines?
A.
The State’s annual unclaimed funds reporting deadline for all companies, with the exception of Life Insurance companies, is November 1. The reporting deadline for Life Insurance companies is May 1.
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Q. Can my company get an extension if we need more time to file our unclaimed funds report?
A.
Yes, by completing the Application for Automatic Extension of Time to File the Annual Report of Unclaimed Funds form on page 12 of the Annual Report of Unclaimed Funds Forms, Instructions and Information booklet and mailing or faxing it to the State a company can obtain an extension of time up to 120 days to file their unclaimed funds report. The extension of time is automatic upon filing, no confirmation will be sent.
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Q. Is a negative report of unclaimed funds required?
A.
If a diligent search has shown that the company is not holding any unclaimed funds or if all dormant accounts are eliminated as a result of the company’s research and due-diligence mailing of the OUF-8 Notice of Unclaimed Funds, they must file a Negative (NONE) Report. The Negative (NONE) Report may be filed either using the OUF-1 Annual Report of Unclaimed Funds form or electronically through the Ohio Business Gateway . See pages 7-8 of the Annual Report of Unclaimed Funds Forms, Instructions and Information booklet for more information about filing a Negative (NONE) Report. The negative reporting requirement is required by section 1301:10-3-03(B) of the Ohio Administrative Code.
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Q. Is there a minimum dollar amount to be remitted?
A.
There is no minimum reportable dollar amount for unclaimed accounts. The only exception is wages less than $50.00 issued on or after July 1, 2000 are not reportable unclaimed funds.
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Q. What is Ohio’s aggregate reporting limit?
A.
Applicable accounts with balance less than $50.00 must be reported as an Aggregate total.
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Q. Can unclaimed funds be reported early?
A.
Yes, section 169.11, of the Revised Code. allows for the early reporting of funds. The company must comply with the due diligence mailing requirement and reporting requirements of section 169.03 O.R.C., see page 6 of the Annual Report of Unclaimed Funds Forms, Instructions and Information booklet for more information.
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Q. Can companies report unclaimed funds electronically?
A.
Companies that would like to file their Annual Report of Unclaimed Funds electronically to report unclaimed funds have two (2) options. First, the HRS Pro-Holder Reporting System is a user-friendly Windows based application that will run on a personal computer. Second, to accommodate companies with a mainframe system, and those using a third party vendor to file their Annual Report of Unclaimed Funds, the State accepts reports submitted in NAUPA II Standard Electronic File Format. The State will accept electronic reports submitted in either of the above formats output to a diskette or CD-Rom.
Please see the detailed instructions for obtaining the HRS Pro application, HRS Pro User’s Manual or NAUPA II Standard File Format on page one (1) of Annual Report of Unclaimed Funds Forms, Instructions and Information booklet.
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Q. Can companies file their Annual Report of Unclaimed Funds via the Internet?
A.
The Ohio Department of Commerce, Division of Unclaimed Funds, in conjunction with the Ohio Business Gateway (OBG ), is pleased to offer companies the option of filing their Negative (None) Report on-line via the Internet. If your company currently files reports with other State agencies through the OBG they can log in using the existing Username and Password and file the Negative (None) Report with a few mouse clicks. First time users will have to register their company with the OBG prior to filing their Negative (None) Report. See page 7-8 of the Annual Report of Unclaimed Funds Forms, Instructions and Information booklet for instructions how to register your company with the OBG and how to file the Negative (None) Report.
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Q. Who do I make the check (certificate) out too?
A.
The check for the remittance of unclaimed funds should be made payable to the Ohio Department of Commerce, Division of Unclaimed Funds.
Securities, other than those from safe deposit box contents, must be remitted in the name of the Ohio Department of Commerce, Division of Unclaimed Funds. Stock certificates from safe deposit boxes or other safekeeping repository are reportable as found.
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Q. What happens if a company does not report?
A.
The company may incur civil penalties of $200.00 per day and/or a criminal penalty of up to $500.00 a day for failure to report unclaimed funds, or under reporting unclaimed funds and interest at a rate of 2% per month on the balance of unclaimed funds due.
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