Ohio Unclaimed Funds

Unclaimed Funds have been in the news in northeast Ohio quite a bit over the last few months, but what are they?

Financial institutions, including credit unions, and other businesses are required to send the funds from accounts that have not had any account holder activity or from uncashed cashier’s checks to the state of Ohio after 5 years. We are required to notify account holders via mail. This gives the member an opportunity to claim or acknowledge their account or perform a transaction before the funds are withdrawn and sent to the state. Once they have been sent to the state, the funds can only be claimed through the state’s Unclaimed Funds process. The credit union no longer has the funds and cannot claim on behalf of the member. Accounts belonging to deceased persons may be sent to the state sooner if there is no joint owner, beneficiary, or estate executor to claim the account.

So how can you prevent your account from going dormant or funds being sent to the state as Unclaimed Funds?

Members should perform a member-initiated transaction, like a deposit, withdrawal, or transfer at least once every six months to avoid credit union dormancy and fees. An even better option? Set up a direct deposit or auto transfer from another account, another financial institution, or your employer to keep the account active (and build up some savings while you’re at it).

Members are notified by mail and/or e-mail when an account is nearing dormancy so it’s important to open and read all correspondence from the credit union. Because we are required to notify members by mail, keep your address and other contact information updated.

For more information on Unclaimed Funds in the state of Ohio What Are Unclaimed Funds | Ohio Department of Commerce or visit https://unclaimedfunds.ohio.gov

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