Ohio businesses reminded to submit unclaimed funds report by Nov. 1 deadline
Ohio business owners will have an easier time submitting their annual unclaimed funds reports this fall. A state-of-the-art system launched by the Ohio Department of Commerce Division of Unclaimed Funds in February makes it easier than ever for businesses operating in the state to submit their reports ahead of the Nov. 1, 2025 deadline.
For example, recent enhancements allow business owners to create and file their reports directly on the new system at unclaimedfunds.ohio.gov instead of relying on the Ohio Business Gateway. As a result, businesses are now able to upload their National Association of Unclaimed Property Administrators (NAUPA) file, create a manual report, remit funds, and even submit a negative (NONE) report, all without leaving the system.
All businesses that are located and/or operate in the State of Ohio or hold funds owed to Ohio residents are required by law to submit a report each year to the Division of Unclaimed Funds. Unclaimed funds are lost or forgotten money that businesses and banks report to the Division after accounts become inactive, typically 3-5 years. The money comes from inactive checking and savings accounts, refund/credit balances, uncashed cashier’s checks, stocks and bonds forgotten utility deposits or last paychecks.
Unclaimed funds reports are due on Nov. 1 for accounts dormant as of June 30, 2025. The only exception is for life insurance companies, whose reports are due May 1, 2026, for accounts dormant as of Dec. 31, 2025.
Even if there are no unclaimed funds to report, businesses are required to submit a negative report, known as a NONE report, to the Division stating that information.
“We want businesses to know that reporting unclaimed funds is not just a legal obligation; it is a vital step in helping Ohioans reconnect with their money,” said Akil Hardy, Superintendent of the Division of Unclaimed Funds. “With our upgraded system, the process is more streamlined than ever, making it easier for holders to comply and for residents to reclaim what they’ve lost.”
Businesses should follow these three steps to report funds:
1. Identify dormant accounts to determine if you have any unclaimed funds to report.
2. Send letters to owners of your dormant accounts, allowing them 30 days to respond.
3. Submit your report and remit funds online.
All holders, such as businesses, are required to examine their records annually to identify dormant accounts. If funds of $50 or more are found, those entities are required to send a Notice of Unclaimed Funds to the account owners and wait 30 days before reporting their unclaimed funds to the Division of Unclaimed Funds. While notices for amounts under $1,000 may be sent via first-class mail, those that exceed $1,000 must be sent by certified mail with return receipt requested. Holders may deduct up to $20 per notice to cover certified mailing costs.
Unclaimed funds reports must be submitted electronically through the Division’s secure website; paper reports are no longer accepted.
To assist businesses, the Division offers a wide range of videos, forms, and resources.