The Ohio Senate is considering utilizing the state's unclaimed property fund to finance a new suburban Cleveland Browns stadium. This initiative taps into a substantial reservoir of forgotten assets, managed by the Division of Unclaimed Funds within the Ohio Department of Commerce. These funds, which total approximately $4 billion, originate from inactive financial accounts, uncashed checks, and other overlooked monetary resources. The division actively seeks to reunite these funds with their rightful owners, processing thousands of claims annually and returning millions in lost money. Meanwhile, the public can easily check for potential unclaimed funds through various channels, including online platforms and state-sponsored events.
Unclaimed funds represent monies that businesses and banks report after accounts have been inactive for a certain period. Such funds include dormant checking and savings accounts, refund balances, cashier’s checks, stocks, bonds, utility deposits, and final paychecks. The state of Ohio manages over $4 billion in such funds, with an average claim amounting to $4,000. In 2023 alone, residents conducted over 4.3 million searches for unclaimed funds, leading to more than 43,000 claims and the return of $139 million to rightful owners.
To assist individuals in recovering their lost funds, the Ohio Department of Commerce provides multiple avenues for inquiry. Residents can visit missingmoney.com or use the department’s portal to search for unclaimed funds. Additionally, the division publishes annual legal notices in newspapers statewide, listing names of those with unclaimed assets. Interactive kiosks at events like the Ohio State Fair further facilitate this process, offering on-site assistance to visitors.
Once unclaimed funds are identified, reclaiming them involves completing a claim form. Depending on the nature of the funds, applicants may need to provide proof of address, identification, social security numbers, or tax forms. Claims exceeding $1,000 might require notarization. Forms can be submitted online or mailed to the Columbus office of the Department of Commerce. Review periods typically last up to 120 days, though incomplete submissions may delay or halt the process. Claimants can track their status via the division’s webpage.
By exploring the possibility of using unclaimed funds for the Browns stadium, Ohio demonstrates innovative thinking in addressing infrastructure needs while continuing its commitment to reuniting lost assets with their rightful owners. This approach highlights a balance between public interest and fiscal responsibility, showcasing the potential of underutilized resources in achieving significant community goals.