The Ohio Department of Commerce’s Division of Unclaimed Funds paid more claims and a higher total dollar amount in Fiscal Year 2009 than in the previous fiscal year.

“The Division of Unclaimed Funds understands the financial challenges that many Ohioans are facing and is working diligently to return unclaimed funds to their rightful owners,” said Director of Commerce Kimberly Zurz. “I encourage all Ohioans to visit our website or contact the Division to see if you, your family, or your friends have unclaimed funds waiting to be claimed.”

In FY 09, the Division paid 45,407 claims, which was a 2.3 percent increase in the number of claims compared with the previous year. The Division paid $59.5 million in claims in FY 09, a 3 percent increase compared with FY 08. The average paid claim was for $1,310 that likely was welcome assistance for many Ohioans in paying bills or meeting other expenses, Director Zurz said.

Unclaimed funds consist of monies or the right to monies that have been dormant or forgotten. These funds are reported to the State of Ohio for safekeeping until the rightful owners can be found. Some common examples include: dormant checking and savings accounts, forgotten rent and utility deposits, uncashed checks, undelivered stock certificates, and uncashed insurance policies.

The Division’s Online Treasure Hunt continues to be a popular means for Ohioans to initiate the claims process. In FY 09, 77 percent of all claims were initiated online. The Division paid 34,968 claims that were initiated through the website for a total of approximately $29.5 million.

In FY 09, the Division collected $163.9 million from holders of unclaimed funds, which was 15.2 percent less than the previous fiscal year.

The Division is holding a statewide total of approximately 4.5 million open unclaimed funds accounts worth approximately $1.3 billion. Superintendent Yaw Obeng encourages Ohioans to visit the Division’s website at www.com.state.oh.us/unfd/treasurehunt.asp to check if they have funds waiting to be claimed.