Unclaimed Property in Ohio
Tips & Advice to help you make your decision on Unclaimed Property in Ohio
Most businesses are constantly looking for new ways to save money, yet companies unknowingly give up millions of dollars in unclaimed property in Ohio each year. This may represent an opportunity for budget-minded businesses looking to lower costs.
What is unclaimed property? Unclaimed items are assets that have been forgotten, lost, abandoned, or seized. In the case of a business, a company might change addresses without ever reclaiming the deposit paid for utilities or a lease. Sometimes a company will go out of business without cashing out a bank account or clearing away office equipment. Often times, the owners of unclaimed property in Ohio do not even realize the property has been left behind. Many resources are available to reunite businesses and individuals with unclaimed property, including searchable databases. It may be worth your company's while to look for items you may be eligible to receive. It is also possible to benefit from unclaimed property even if you are not legally entitled to abandoned assets. Government agencies and collection companies sometimes host auctions for unclaimed physical assets such as vehicles, electronics, and office items.
Business.com is a useful resource for businesses interested in solutions like unclaimed property. For more information, visit the list of links to the left.
Unclaimed Property in Ohio
Locate OH unclaimed property to use in your businessBy Emmet McMahan A court may classify unclaimed property in Ohio as abandoned, lost or mislaid. These classifications have their origins in common law and can therefore be difficult to interpret under modern legal systems. Property that the original owner fails to claim after a specified number of years generally belongs to the finder. However, a property owner usually has a superior claim to property that a trespasser discovers.
There are specific forms and procedures to follow when claiming Ohio unclaimed property. Generally, the state serves as the custodian for Ohio escheat until the appropriate agencies review and approve the finder’s claim. Companies frequently lose property through misfortune or carelessness. Unclaimed property can be an inexpensive way to obtain equipment for your business.
There are general types of Ohio state unclaimed property:
1. Liquid assets such as a dormant bank account, safe deposit contents, unclaimed deposits or refunds, uncashed checks and unused insurance benefits;
2. Abandoned property the original owner is unlikely to return to claim. Certain property such as wrecked cars, ships or aircraft may belong to the state;
3. Property confiscated by law enforcement or repossessed by a loan company. These items are frequently auctioned off to the public.
Find agencies that handle state of Ohio unclaimed property
Beware of sites that charge you a fee to help you find contact information for the Ohio unclaimed property division. This information should be available from your state government at no charge.
Try: UnclaimedMoney.us.com allows you to search for unclaimed property by name and also allows you to select city and state. The Ohio Department of Commerce keeps a database of Ohio state treasury unclaimed property that is searchable by first and last name.
Participate in an Ohio unclaimed property auction
Most states have their own auctions to allow prospective buyers to bid on unclaimed or otherwise abandoned property.
Try: Policeauctions.com has auctions on a range of seized property and offers free sign-up. Carsfrom500.com allows you to search for government auctions in your area. You can specify zip code and a search radius.
Search for Ohio unclaimed properties in your community
Some communities in Ohio have a department that attempts to reunite unclaimed property with its owner. This department can answer specific questions regarding lost or abandoned property.
Try: The Auditor's Office for Franklin County maintains a list of unclaimed funds and wage accounts with instructions for filing a claim. The Cuyahoga County Treasurer displays an unclaimed funds list at the County Administration Building, local media outlets and other public locations.
- The process of turning over unclaimed property in Ohio to the state is called escheatment. In business, this is most commonly an unclaimed pay check and each company must file an unclaimed property report. The company must also make a good faith effort to find the owner.
View Ohio Unclaimed Funds; Get Answers Now on Ask.com!
Audit Defense, Planning & Reporting Let OUR experience work for YOU!
