Free Money May Be Waiting for You! – Rea CPA

Free Money May Be Waiting for You!

Have you ever put on a pair of pants or a jacket and found money in the pocket that you had forgotten about? Even if it is only $5, you feel like you have just won the lottery! You may actually be able to find some long-lost money of your own in the form of unclaimed funds.

An unclaimed fund is any money that is due to you, but for some reason, you have not taken ownership of. The Ohio Department of Commerce administers the Division of Unclaimed Funds. Each year, businesses are required to report to the Division of Unclaimed Funds any money and other items that the business holds but does not own. People often change addresses or simply forget about money that is due to them. If the business cannot contact and return these funds to their rightful owners after a certain period of time, it is required to turn the money over to the state.

Common sources of unclaimed funds are:

  • Dormant savings and checking accounts
  • Unreturned rent and utility deposits
  • Credit memos
  • Unclaimed wages
  • Uncashed checks
  • Intangible contents of safe deposit boxes

To see if you have any unclaimed funds waiting for you, go to Ohio Commerce Department’s Division of Unclaimed Funds website and search for your name. There is also a link to other states’ unclaimed funds Web sites. Who knows – you might have an old paycheck or savings bond that you forgot about just waiting for you!

 This article was originally published in Illuminations: Facts & Figures from people with a brighter way, a Rea & Associates enewsletter, May 16, 2007.

Note: This content is accurate as of the date published above and is subject to change. Please seek professional advice before acting on any matter contained in this article.