Unclaimed property in Ohio basics hold that unclaimed property may be any financial asset that is abandoned for a specific period of time. Unclaimed property laws require businesses, financial institutions and government entities to report any personal property they have been holding for a certain period of time, known as the abandonment period.
The state administers Ohio state unclaimed property when the owner cannot be located and the appropriate abandonment period has expired. The state uses several methods to locate the owner, including newspaper advertisements and mailing notices to the owner's last known address. There are three general types of sources that provide additional information on unclaimed property in Ohio:
- The state government. These sources provide official information on Ohio abandoned property and also include the state’s official property database.
- Third parties. Commercial sites that sell unclaimed property services or independent sources may offer basic facts on unclaimed property in Ohio.
- Local governments. Specific cities and counties normally hold unclaimed property before turning it over to the state. Each local government will have its own specific procedures for allowing owners to recover unclaimed property.
Find state agencies that deal with OH unclaimed propertyThe state of Ohio administrates unclaimed property that it receives from businesses and government entities throughout the state. Ohio also has specific laws that regulate unclaimed property.
Ohio Department of Commerce holds unclaimed property in Ohio and also offers basic information on unclaimed property. The Supreme Court of Ohio has a recent decision on unclaimed property in Ohio.
Learn about Ohio unclaimed property from private sourcesThere are many businesses that provide searches of unclaimed property in Ohio. While these companies may charge a fee for these services, they often provide free information about unclaimed property in Ohio.
Public Library of Cincinnati and Hamilton County provides a summary of the laws regarding unclaimed property in Ohio. Winnmark Business Solutions has basic information on the dormancy periods for abandoned property in Ohio.
Look for Ohio unclaimed properties in local jurisdictionsUniversities, cities and counties frequently hold unclaimed property temporarily. The property will eventually be turned over to the state, reclaimed, auctioned off or otherwise disposed of.
Englewood Police Department provides specific information on recovering unclaimed property in its possession. The Franklin County Auditor has extensive information on unclaimed property, including a searchable database.
- The process of turning over unclaimed properties of Ohio to the state is also called escheatment and this property may therefore be referred to as escheat. Ohio businesses frequently handle escheat in the form of an unclaimed pay check which requires the company to file an unclaimed property report. The company also must make a good faith effort to find the owner of Ohio escheat.