There are more than $4.8 billion in unclaimed funds in Ohio, and state lawmakers want to tap that pot of money to help fund a new Cleveland Browns stadium.
Senate Republicans have proposed moving $1.7 billion in unclaimed funds that had been idle for 10 years or more to a new account for sports and cultural projects, with $600 million of it earmarked for the Browns stadium.
The Cincinnati Bengals and Hamilton County could receive money from that account for Paycor Stadium, but none has been allocated for the project in the current budget plan.
The state returned $149 million to residents last year, according to the Ohio Department of Commerce Unclaimed Funds Division. You can find out if any of it might be yours in just a few minutes. Here’s how.
How do I search for unclaimed funds in Ohio?
Ohio fund-seekers can go to unclaimedfunds.ohio.gov to find out if they have any unclaimed funds. The Unclaimed Funds Division also posts legal ads annually in newspapers across the state listing the names of people, businesses and entities in those publications’ circulation areas who have unclaimed funds.
Several claims can be initiated at once from the website, which will ask for contact information and a Social Security number. Within one hour, the division will send further instructions for filing a claim and the documents required, which include a photo ID and proof of Social Security number.
How long will it take to receive unclaimed funds?
Claims can take up to 120 days to process, according to the Unclaimed Funds Division. The status of a claim can be checked at unclaimedfunds.ohio.gov.
What are unclaimed funds?
Unclaimed funds are lost or forgotten money that businesses and banks report to the Ohio Department of Commerce’s Division of Unclaimed Funds after accounts become inactive. The money comes from inactive checking and savings accounts, refund/credit balances, uncashed cashier’s checks, stocks and bonds, forgotten utility deposits or last paychecks.
The state of Ohio tries to return funds to their rightful owners through a variety of means.
The division currently safeguards more than $4 billion in unclaimed funds, and the average claim is $4,000, according to the division. In 2023, Ohioans searched for unclaimed funds more than 4.3 million times and filed for more than 43,000 claims. This resulted in over $139 million in lost or forgotten money being returned to rightful owners.
The Columbus Dispatch contributed reporting.
This article originally appeared on Cincinnati Enquirer: Ohio unclaimed funds could pay for Browns stadium. How to check if you have any
Reporting by Enquirer staff / Cincinnati Enquirer
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