Unclaimed Funds in Ohio - What Every Legal Professional Should Know-Unclaimed Funds in Ohio - What Every Legal Professional Should Know

Video Transcription

Video Summary

The webinar explained Ohio’s unclaimed funds system, how money becomes unclaimed, and how owners can recover it. Unclaimed funds include dormant bank accounts, refunds, insurance benefits, stocks, bonds, and other property left inactive for years. Speakers noted that Ohio currently safeguards $4.8 billion, paid 68,000 claims last year, and returned $110 million, with an average payout of $1,400.<br /><br />Kelly Lister of the Ohio Department of Commerce reviewed the legal framework, including dormancy periods, reporting rules, and the role of the state as custodian. A major update from House Bill 96 now limits recovery to 10 years after funds are reported, with a grace period allowing all current funds to remain claimable until January 1, 2036. The presentation also covered reporting obligations for holders, notice requirements to owners, finder rules, and the new CAPS database, which speeds claims and allows more electronic processing.<br /><br />Susie Wagner then walked through the three-step claim process: search, review required documents, and submit them online or by mail. She emphasized identity verification, documentation for deceased owners’ claims, and the ability to check claim status online. The webinar also highlighted upcoming educational events and reassured viewers that document uploads are secure and encrypted.

Keywords

Ohio unclaimed funds

dormant accounts

claim process

House Bill 96

dormancy periods

CAPS database

state custodian

owner recovery

electronic claims