How to claim unclaimed funds before they go to the Browns
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You've probably heard a lot about Ohio's unclaimed funds lately — here's a refresher on what they are and how to claim yours before it's too late.
Why it matters: Attention is on unclaimed funds after Gov. Mike DeWine signed a new state budget last week setting aside $1.7 billion for a "Cultural and Sports Facility Fund," including $600 million for a new Browns stadium.
- The move comes with an unprecedented change in state law that has generated controversy and legal questions.
Catch up quick: Banks and businesses regularly send unclaimed funds to the state, from places such as inactive accounts or uncashed last paychecks.
- The Ohio Department of Commerce previously held this money indefinitely until owners claimed it.
- But starting Jan. 1, 2026, any unclaimed funds reported to the state on or before Jan. 1, 2016, will be considered "abandoned and escheat to the state."
- For funds reported after that date, Ohioans will have 10 years to file a claim.
Follow the money: The current pot is nearly $5 billion, meaning many people likely don't realize they're owed something.
- The state recently launched a new online system making it easier than ever to search your name and upload required documentation.
- Alissa submitted a claim in 2023, when it still required using old-fashioned snail mail, and earned about $28.
Between the lines: Department spokesperson Franklin Freytag tells Axios it's not unprecedented for unclaimed funds to be transferred elsewhere.
- The 2017 state budget bill, for example, sent $200 million to the general revenue fund.
The intrigue: We asked DeWine spokesperson Dan Tierney what would happen to the new Cultural and Sports Facility Fund if a sudden surge of claims depletes the pot.
- Tierney called it a "borderline impossible scenario" and noted the Division of Unclaimed Funds has "without exception, taken in more money that is paid out in any given year."
What we're watching: The Franklin County Convention Facilities Authority will apply for some of the funds to renovate Nationwide Arena, executive director Ken Paul tells Axios.
- Two Cleveland-area lawyers told WEWS-TV they plan to sue and challenge the change on constitutional grounds.