Ohio Escheat & Unclaimed Property Laws

Holders of unclaimed property in Ohio must report and remit by November 1. Life insurance companies are required to report and remit property by May 1.

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: One year
• Checking Accounts: Five years
• Traveler’s Checks: 15 years

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