$75M in unclaimed funds returned to Ohioans
By Marc Kovac
Wondering whatever happened to the security deposit on that apartment you rented years ago or the savings account you forgot you opened?
The proceeds might be waiting for retrieval among unclaimed funds being held by the state of Ohio.
The Ohio Department of Commerce’s Division of Unclaimed Funds reported this week that nearly $75 million in such funds was returned to Ohioans during the past fiscal year. The result was up from $69.2 million a year earlier and the highest total ever disbursed.
Department spokesman William Krugh said one individual was able to snag close to $744,000 in forgotten funds, though the average payout was closer to $1,500.
Unclaimed funds include monies that were lost or abandoned through the years by individuals who forgot they had bank accounts, failed to receive rent, paychecks or utility security deposits or lost stock certificates or checks.
The funds are required to be turned over to the state for safekeeping until their rightful owners can be identified.
Ohioans can search the state’s unclaimed database online at www.com.ohio.gov/unfd.
“This money can help Ohioans buy a tank of gas, pay off some bills, make a needed home repair or even expand a business, which means jobs for Ohioans,” commerce department Director Andre Porter said in a statement.