(WKBN) – The Ohio Department of Commerce’s Division of Unclaimed Funds has unveiled a new system aimed at making it easier and faster for Ohioans to search for and recover unclaimed funds.
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Now, Ohioans can search for and claim funds directly on the website, as well as track their claims, without having to leave the platform.
According to the Department of Commerce, the state has $4.8 billion in unclaimed funds, coming from sources like dormant bank accounts, uncashed checks, stocks and bonds, utility deposits or unclaimed wages.
Since unclaimed funds never expire, the Division safeguards them indefinitely until claimed.
The updates also allow business owners or holders (those who report unclaimed funds to the Division) to create and file their reports directly from the system instead of having to log in to the Ohio Business Gateway. Businesses are able to upload their National Association of Unclaimed Property Administrators (NAUPA) file, create a manual report, remit funds, and even submit a negative report.
All businesses are required to report their unclaimed funds to the Division even if there are none to report.
Division Superintendent Akil Hardy says these upgrades are in response to feedback provided by consumers and businesses.
“One of our primary goals in implementing this technology is to be more transparent by sharing where claims are in the process. We paid out $149 million last year to Ohioans and look forward to increasing that number with our new system,” Hardy said.
Learn more on the Ohio Department of Commerce’s Unclaimed Funds website.
The Division will also be hosting free webinars and live demonstrations about the system:
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Business Owners Webinar – Wednesday, April 9, from Noon to 1 p.m. Click here to register.
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Facebook Live Demo for Claimants – Thursday, April 10, at 10 a.m.
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Live LinkedIn Demo for Business Owners – Thursday, April 10, at 10:30 a.m.
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Consumer Webinar with the BBB – Wednesday, April 16, from 10 to 11 a.m. Click here to register.
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