The Ohio Department of Commerce, Division of Unclaimed Funds has the distinction of reuniting Ohioans with their hard-earned money and, businesses play a vital role in completing this important duty.
Simply put: the more unclaimed funds reported to the Division, the more funds the Division can return to citizens. Those funds can range from a bank account, an uncashed check, undelivered stock certificates and the Division wants to help connect holders of funds to those who rightfully own the funds.
For further information on Ohio reporting requirement laws refer to http://codes.ohio.gov/orc/Search/169.01. The goal of the Division in 2019 is to collect and return more unclaimed funds than previous years through increased outreach to businesses around the state and by educating consumers on how to claim their funds.
Many individuals are unaware they have missing funds because some business do not report the funds to the Division. This why the Division wants to increase awareness to business owners of how imperative they are in the process. Imagine holding onto a $5,000 check and the recipient was unaware?
Now, think about the impact a business owner could have on an individual’s life once the Division reconnects them with the check? This could help a citizen pay bills, reduce outstanding debt, or even take a family vacation.
Reporting unclaimed funds is not tedious and the Division has excellent support service staff willing and wanting to guide business owners through the simple steps to return funds to the state. Even if a business does not have funds to submit, they simply must to check a box on a Negative Report, which can be easily accessed on the Division’s website.
The Division takes pride in every claim processed and staff strive to make a positive impact on the lives of hard-working Ohioans.
If you as business owners have questions regarding the process of submitting unclaimed funds may contact the Division at 614-466-4433 or email@example.com