Ohio's Unclaimed Funds Reporting: Essential Guidelines for Compliance

The Ohio Department of Commerce's Division of Unclaimed Funds is reminding businesses statewide to submit their annual unclaimed funds reports by the fall deadline, a crucial requirement to ensure compliance and reconnect Ohioans with their money.

This requirement applies to all businesses either based in Ohio, operating within the state, or holding funds owed to Ohio residents. For most businesses, the deadline is November 1, 2026, for accounts deemed dormant as of June 30, 2026. Life insurance companies follow a different timeline, with a due date of May 1, 2027, for accounts dormant as of December 31, 2026. Even in the absence of unclaimed funds, businesses are mandated to file a "negative report." In the prior year, a substantial $715 million in unclaimed funds was reported, underscoring the magnitude of dormant funds waiting to be reclaimed.

Understanding Unclaimed Funds

Unclaimed funds originate from dormant accounts that become inactive, typically over a period of three to five years. This category includes balances from inactive bank accounts, refund credits, uncashed cashier's checks, stocks, bonds, utility deposits, or final paychecks. It's a significant compliance area for businesses across sectors due to its potential impact on customer relations and operational transparency.

Streamlining the Reporting Process

To facilitate compliance, the Division launched a digital reporting system in February 2025. Accessible via unclaimedfunds.ohio.gov, this platform enables businesses to securely upload NAUPA files, create reports, remit funds, and submit negative reports—all electronically, as paper submissions are no longer accepted. Akil Hardy, Division Superintendent, has highlighted the ease and necessity of this system, emphasizing its role in reuniting Ohioans with their dormant funds.

Steps for Reporting

Businesses must adhere to a concise reporting workflow, which includes:

• Identifying dormant accounts to determine reportable funds.
• Informing account owners, providing a 30-day response window.
• Submitting reports and remitting funds online.

To aid holders, the Division conducted an informative webinar on September 28, 2026, and a session on their Voluntary Compliance Agreement program on October 8, 2026. Recorded versions of these sessions are available, providing ongoing support and guidance.

The Critical Need for Compliance

Businesses are required to review their records annually for dormant accounts. For unclaimed sums over $50, notification letters should be dispatched to account owners. Unclaimed funds under $1,000 can be notified via first-class mail, whereas amounts exceeding $1,000 necessitate certified mail, reinforcing the importance of traceable delivery. Companies may charge a fee of up to $20 per account to cover these mailing costs. The Division offers comprehensive resources, including instructional videos and forms, to assist in navigating compliance, ultimately fostering a robust regulatory environment in Ohio.