(COLUMBUS)--Director of Commerce Donna Owens and Lake County Chief Deputy Treasurer Margaret Alanen today issued a consumer alert warning Ohioans about companies that charge for unclaimed funds information that is available for free from their state and county government. The consumer alert was issued at the Division of Unclaimed Funds' "Treasure Hunt" display set up in Mentor as part of Governor George V. Voinovich's Regional Cabinet Day.

The department has obtained information from Ohioans who received postcards from companies stating that the state of Ohio may be holding unclaimed funds that belong to them. For a fee paid to the company, they can find out how to retrieve those funds. Those that paid were told only to contact the Division of Unclaimed Funds.

"Information on unclaimed funds is available for free from the Ohio Department of Commerce's Division of Unclaimed Funds and every county treasurer in Ohio, " Director Owens said. "No Ohioan should pay a company to tell them to contact the Division of Unclaimed Funds."

Ohioans and former Ohioans who want to check to see if they have unclaimed funds can do so for free by writing to the Division of Unclaimed Funds at 77 South High Street, Columbus, Ohio 43266-0545. Individuals can also check to see if they have an unclaimed funds account by accessing the Department of Commerce's Internet web site at www.com.state.oh.us.

In addition, every county treasurer's office in Ohio has information available on unclaimed funds accounts for current and former residents of their county. There is no charge to check on unclaimed funds information with a county treasurer's office.

Each year, due to death, inadvertence or forgetfulness, approximately 250,000 people and organizations lose track of monies, rights to monies, and intangible personal property in Ohio. The Division of Unclaimed Funds is responsible for the safekeeping and return of these monies. The division ensures that holders report unclaimed funds, and works to locate the owners of such funds. Common sources of unclaimed funds include: dormant bank accounts, unpaid insurance policies, unreturned utility and rent deposits, undelivered and uncashed dividends and shares of stock, uncashed checks, and forgotten layaway deposits.

CONSUMER ALERT release continued

May 14, 1998

Unclaimed Funds Chief Jessie Baker offers the following advice to avoid paying unnecessary fees for this service:

• Never pay for information regarding unclaimed funds.

• Be cautious of giving personal information such as social security numbers or bank account numbers to anyone.

• Remember, any state will search your name free of charge, and many states are on the Internet. A listing of other states' unclaimed property offices is available from the Ohio Division of Unclaimed Funds.

• If you choose to use a finder to locate unclaimed funds for you, remember they can collect no more than 10% of the funds entitled to the owner.

• Also, Ohio law requires that before a contract to assist in recovering unclaimed funds is signed, a finder must provide full disclosure to the owner of the location and amount of money found and how much the owner and finder will receive. The owner is under no obligation to pay a finder unless a contract is signed and notarized.

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