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Ohio Finds Beneficiaries for $49.4 million in Unclaimed Funds
COLUMBUS, Ohio -- The Ohio Department of Commerce's division of unclaimed funds paid a record $49.4 million in unclaimed funds to current or former Ohioans during fiscal year 2004 -- a 14% increase over the previous fiscal year's payment of $43.4 million, announced Lt. Governor Jennette Bradley, director of the state department. It also posted its highest total of reported funds -- $155.9 million, a 25% increase over the $124.3 million reported last fiscal year."This is the result of a dedicated, hard working team committed to reuniting Ohioans with funds they have inadvertently lost track of over the years," said Bradley. "We are also pleased by another strong year in which unclaimed funds were reported to the division. This can be attributed to the division's outreach program to educate businesses, certified public accountants and attorneys about the reporting requirements."The division paid 39,209 claims in fiscal year 2004. The average size of the payments rose to $1,260, an increase of $60.22 from the previous year.Unclaimed funds consist of monies or the right to monies that have been dormant or forgotten. These funds are reported to the state of Ohio for safekeeping until the rightful owners can be found. Some common examples include dormant checking and savings accounts, forgotten rent and utility deposits, uncashed checks, undelivered stock certificates, uncashed insurance policies, and forgotten layaway deposits.Individuals who find their name among the 2.6 million accounts can immediately initiate the claims process through the use of the Online Treasure Hunt at www.unclaimedfundstreasurehunt.ohio.gov "The Online Treasure Hunt is a quick and easy way for Ohioans to check for unclaimed funds," said David Moore, unclaimed funds division superintendent. "This is an excellent example of how we are using technology to provide services to Ohioans in a more efficient manner."Moore said that during fiscal year 2004 approximately 75% of the claims paid were initiated through ODOC's Online Treasure Hunt. During that time period, the division paid 29,442 claims initiated through the Web site worth a total of more than $28 million. In the previous fiscal year, 26,599 claims worth nearly $21.8 million were initiated through the Web site.Individuals without access to the Internet can write to the division with the names to be checked and the Ohio counties in which the individuals have lived. The address is:Ohio Department of CommerceDivision of Unclaimed Funds77 South High Street, 20th FloorColumbus, Ohio 43215"