On Oct. 9, OH BANK reminded firms of unclaimed property deadline.
OH BANK issued reminder to Ohio businesses and banks that the deadline to report unclaimed funds is Nov. 1, deadline is for accounts dormant as of Jun. 30, 2024.
Life insurers' reports are due May 1, 2025, for accounts dormant as of Dec. 31, 2024.
Process
Firms must identify inactive accounts annually, send letters to owners for amounts over $50, create an unclaimed forms report, then submit funds and report to State.
OH BANK also reminded firms that this is the last year paper reports will be accepted.
