Employers and Reporting Unclaimed Funds-Employers and Reporting Unclaimed Funds

Video Transcription

Video Summary

The transcript is a webinar about Ohio’s Unclaimed Funds program. It explains that unclaimed funds include dormant money or intangible property such as old checking accounts, refunds, insurance proceeds, safe deposit box contents, stocks, bonds, and uncashed checks. The division currently holds $4.9 billion and urges people to search their name at unclaimedfunds.ohio.gov, where claims can be started online.<br /><br />The speakers review major legal and reporting changes, including House Bill 96, which gives owners until January 1, 2036 to claim funds already reported. They also describe a new online system that allows holders to file reports, negative reports, and payments electronically, with paper reports no longer accepted after July 1, 2025.<br /><br />The webinar covers holder responsibilities: annual review of records, record retention, due diligence mailings for certain amounts, reporting deadlines, exemptions, and how to file extensions. It also explains audits, penalties for noncompliance, and the voluntary compliance agreement program, which lets holders catch up on past unreported funds without fines.<br /><br />Finally, the panel answers questions about who counts as a holder, filing for deceased owners, and other practical issues, emphasizing that the program’s goal is to return money to rightful owners.

Keywords

Ohio Unclaimed Funds

dormant money

unclaimed property

House Bill 96

online claim search

electronic reporting system

holder responsibilities

voluntary compliance agreement

due diligence mailing