Did You Know That Not All Unclaimed Funds Sites Are The Same

Category: Finance.

Among the tens of billions of dollars in unclaimed funds in the U.

According to the OH Department of Commerce s Div of Unclaimed Funds, that$ 1 Billion is spread out across three and a half million different accounts. S. , the state of OH is one of only a few states to be home to more than a billion of it. While thousands of these accounts are given back to their rightful owners every year, totaling in the tens of millions of dollars, the state takes in another 200, 000 accounts every year, worth millions more. To put it quite simply, the majority of people are simply not aware of missing money and the few that have heard about it, often believe it to be some sort of scam, unless they ve heard it straight from the state treasury department. Like in most states, OH has trouble returning unclaimed funds to its residents for a variety of reasons, one of the most common of which is disbelief. But even those people that have accepted the reality of these massive amounts of missing funds usually do not know the first thing about tracking down these funds.

If someone living in the state of OH is to be thorough in their attempt to search for missing money, there are a number of things they can do to give themselves and advantage. The Division of Unclaimed Funds in OH maintains the following as its mission statement: "To improve the quality of service to our customers by collecting unclaimed property equitably, managing the property wisely and effectively, and returning it timely to the rightful owners. " The Division also provides the following list of the most common types of unclaimed funds in OH- dormant savings and checking accounts, underlying shares of, unpaid insurance policies stock, unreturned rent and utility deposits, credit memos, forgotten layaway deposits, credit balances, unclaimed wages or, securities commissions, intangible contents of safe deposit boxes, undelivered and uncashed, uncashed checks stock dividends. What it all boils down to is knowledge. Did you know that not all unclaimed funds sites are the same? Finding when to search and where to search is key to successful searches. Did you know that the records are updated sporadically?

If a person performs a search Monday and doesn t find anything, there s a good chance they will end their search that moment. If citizens living in the Buckeye State hope to take their piece of the billion dollar unclaimed funds pie, the name of the game is to search regularly. But what if a record for missing money in their name is not added until Tuesday? Or year? Or the following month? Each of the various types of unclaimed funds has its own amount of time which must go by before it s considered" unclaimed" and handed over to the state.

Further explanations on the tips mentioned, and many others others can be had if a resident looks for help from an unclaimed funds pro in their search for Ohio unclaimed money, which is highly recommended to make sure that all resources and possible sources of money have been exhausted. Most of these dormancy periods are between one and five years, but a few are longer, so it s quite obvious that looking for lost cash is not a one shot deal.