The Ohio Department of Commerce’s Division of Unclaimed Funds paid a record number of unclaimed funds accounts in fiscal year 1999, announced Gary C. Suhadolnik, director of the Ohio Department of Commerce.

In fiscal year 1999, the division paid 27,165 accounts worth $21.7 million. "This fiscal year’s record of 27,165 claims paid far exceeds last year’s record of 23,263 claims. In addition, the return of $21.7 million is the second highest total returned to current or former Ohio residents," Director Suhadolnik said.

Unclaimed Funds Chief Jessie T. Baker credited her staff for the record number of unclaimed fund accounts paid. She also gave credit to outreach programs, particularly the division’s web page, known as the "On-Line Treasure Hunt." In Fiscal Year ’99, the Division paid 7,653 claims submitted to the web site worth a total of $2,922,879.

Unclaimed funds consist of monies or the right to monies that have been dormant or forgotten, usually for five years. Each year, the division receives accounts from about 250,000 people and organizations that include: dormant checking and savings accounts, forgotten rent and utility deposits, uncashed checks, undelivered stock certificates, uncashed insurance policies, and forgotten layaway deposits. Currently, the division is holding 1.9 million accounts worth approximately $197 million.

"Unclaimed funds accounts are held by the division until they are claimed by their rightful owner or his or her heir," Chief Baker said. "Until then, the funds are used to support low and moderate income housing programs in Ohio."

Chief Baker encourages current and former Ohio residents to visit the Department of Commerce's web site at www.com.state.oh.us to check to see if they have unclaimed funds waiting to be claimed. In addition, individuals can write to the Division of Unclaimed Funds and provide the full name to be researched, along with the counties in which the person may have resided. The Division’s address is 77 South High Street, 20th Floor, Columbus, OH 43266-0545.

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