The Ohio Senate wants to use part of the state’s reported $3.7 billion in unclaimed funds to pay for the new Cleveland Browns stadium in Brook Park, according to their budget proposal.
Over $1 billion in unclaimed funds would be used to create a sports and cultural projects fund and $600 million of that would be loaned to the Browns to build the stadium. The $1.7 billion earmarked for this fund has been unclaimed for over a decade, the Senate said on June 3.
Want to know what these unclaimed funds are and how to check if you have any? Here’s what we know.
What are unclaimed funds?
Unclaimed funds are lost or forgotten money that are reported to the state’s Division of Unclaimed Funds after accounts become inactive. The money can come from a number of sources including inactive checking and savings accounts, refund/credit balances, uncashed cashier’s checks, stocks and bonds, forgotten utility deposits or last paychecks.
While the state of Ohio tries to return funds to their rightful owners through a variety of means, there are still over $4 billion in unclaimed funds being safeguarded by the state.
In 2023, Ohioans searched for unclaimed funds more than 4.3 million times and filed for more than 43,000 claims, resulting in the return of over $139 million.
How do I check to see if the state has missing money belonging to me?
The Ohio Department of Commerce’s Division of Unclaimed Funds website explains how to determine if you have unclaimed funds and how you can claim them.
Residents can go to missingmoney.com to search if they have any unclaimed funds. They can also use an Ohio Department of Commerce portal to search as well.
The division also posts legal ads annually in newspapers across the state listing the names of people, businesses and entities in those publications’ circulation areas who have unclaimed funds.
In addition, the division also sets up kiosks at various events across the state, such as the Ohio State Fair, where people can stop by and receive help to see if they have unclaimed funds.
I have unclaimed funds. How do I get them in Ohio?
First, you will need to fill out a claim form. Depending on the type of funds the state is holding, you may be required to provide proof of address, proof of identification, a social security number or a W-9 tax form. You may also need the claim notarized if it is over $1,000.
People claiming funds can upload their forms to a division webpage, where they can submit the claim form and any supporting documents. They could also mail the forms to the Department of Commerce’s Columbus office at 77 S. High St. #20.
Claims can take up to 120 days for review. If claims do not provide the necessary forms, the process could be delayed or potentially stopped.
You can also check the status of your claim on the division webpage, com.ohio.gov/divisions-and-programs/unclaimed-funds.
The Columbus Dispatch contributed to this report.
Reporter Anthony Thompson can be reached at ajthompson@gannett.com, or on Twitter @athompsonABJ
