Ohio residents may have unclaimed funds to claim, as a new multi-billion-dollar plan will utilize this money for sports-related projects.

The Columbus Patch reported that Republican Gov. Mike DeWine signed a two-year state budget on Wednesday that allocates $600 million of that money toward building a new domed stadium for the Cleveland Browns in Brook Park.

The move is part of a $1.7 billion state plan, with $600 million designated for the new football stadium. Another $400 million will go toward other stadium projects, with $700 million reserved for unspecified purposes.

Although the plan calls for using unclaimed funds for these projects, it has faced opposition from state Democrats and Ohio Attorney General Dave Yost. The state can now assume ownership of over $4.8 million in unclaimed property, such as old paychecks and security deposits, if left unclaimed for 10 years — a shift from the previous policy.

What are unclaimed funds?

Unclaimed funds are inactive or forgotten money, such as old bank accounts, uncashed checks, or utility deposits, reported to the Ohio Department of Commerce after a period of inactivity, according to The Columbus Dispatch.

Ohio has worked to return unclaimed funds to rightful owners through several channels.

The average claim is $4,000, and in 2023, residents filed more than 43,000 claims, resulting in over $139 million returned.

How Ohio residents can check for missing money

The Ohio Department of Commerce’s Division of Unclaimed Funds provides a webpage that guides residents on how to check for unclaimed money, claim it, and submit the necessary forms to receive their funds.

This resource explains the entire process clearly to help people recover lost or forgotten money.

Ohio residents can search for unclaimed funds using online portals like missingmoney.com and the Ohio Department of Commerce’s website portal. They can also find out if the state has withheld any lost money by using their name and following the instructions on the site.

For those without internet access, the division also offers in-person assistance and kiosks for additional help.

What to do if you have unclaimed funds

You can claim unclaimed funds by completing a form and providing the required identification or documents. For claims over $3,000, notarization may be required.

Submit the forms online or by mail to the Ohio Department of Commerce. Processing typically takes up to 120 days, and incomplete claims may cause delays in the process. Check your claim status online.

To check the status of your claim, you can visit the division’s webpage: com.ohio.gov/divisions-and-programs/unclaimed-funds.

Ohio residents

Get relevant content delivered to you once a week