This page addresses key areas of interest regarding Ohio unclaimed property and escheatment laws and regulations.
Key Ohio Unclaimed Property Reporting Deadlines
Holders of unclaimed property in Ohio must report and remit by November 1st. Life insurance companies are required to report and remit property by May 1st.
Early reporting is permitted if the company complies with Ohio due-diligence mailing and reporting requirements. Negative reports are required from holders if the holder is not holding any unclaimed funds.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Ohio’s unclaimed property laws and regulations.
Ohio Due Diligence Requirements
Ohio requires holders to send due diligence notifications to the owner of unclaimed funds at least 30 days prior to the reporting date for any property with a value of $50 or more. For property valued at $1,000 or more, holders are required to send the notice by certified mail, returned receipt requested.
This notice should inform the owner that the holder is in possession of unclaimed property that will be turned over to the state unless the owner claims it from the holder before the report is filed.
Ohio Dormancy Periods
Dormancy periods in Ohio vary by property type. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property.
Dormancy periods in Ohio for common property types include:
- Wages or Payroll: 1 year
- Checking Accounts: 5 years
- Traveler’s Checks: 15 years
Ohio Unclaimed Property Links
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Key Unclaimed Property Reporting FAQs
The Ohio unclaimed property reporting process can be challenging for holders. Does your organization have questions about state unclaimed property laws and requirements? Click on the link below for frequently asked questions regarding unclaimed property reporting and compliance.
Confused or Overwhelmed? Need Answers?
Reporting unclaimed property in Ohio and other jurisdictions can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.
Contact Keane for assistance in guiding your organization on the path to unclaimed property compliance, or visit our resource library for additional educational and operational resources.