The Ohio Division of Unclaimed Funds makes it less hassle for residents to claim their slice of the $4.8 billion pie currently in the state’s care. This upgrade, which aims to simplify and potentially quicken the claims process, is a welcomed change, especially considering the division returned over $149.6 million to Ohioans in 2024 through more than 26,000 claims. Housed on the division’s website, the new system now lets users search for unclaimed cash, upload required docs, and keep an eye on their claim status without ever leaving the platform, as reported by the Ohio Department of Commerce’s news release.
Ohio Division of Unclaimed Funds Superintendent Akil Hardy indicated that these improvements were born out of consumer and business feedback, working towards leveraging technology to ramp up service quality. “This new system allows us to verify claimants’ information once it’s provided to us and, in some cases, automatically approve some claims, which means that more claimants could see faster payout,” Hardy stated, per the Ohio Department of Commerce. He notes that while claimants still need to submit the necessary documents, the goal is to improve transparency throughout the process.
The department has laid out a straightforward three-step claim process for Ohioans who are looking for funds that may be theirs. One must start by searching the new system for possible unclaimed funds, then collect all the required paperwork before submitting everything via mail or directly on the system. Previously, reviews could take up to 120 days, but this timeframe might be significantly shorter with the new system’s capabilities.
Addressing businesses, the updated system streamlines matters by allowing the filing of reports directly on the system, bypassing the Ohio Business Gateway. Businesses can now upload their National Association of Unclaimed Property Administrators (NAUPA) files, create manual reports, remit funds, or confirm the absence of unclaimable funds in just a few minutes. All businesses are obligated to report their unclaimed funds to the Division, even if nonexistent, as per ORC 169.
