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OHIO UNCLAIMED FUNDS: WHAT YOUR BUSINESS NEEDS TO KNOW

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OHIO UNCLAIMED FUNDS: WHAT YOUR BUSINESS NEEDS TO KNOW

All businesses and banks operating in Ohio are required to complete and submit a National Association of Unclaimed Property Administrators (NAUPA) report to the Ohio Department of Commerce Division of Unclaimed Funds by November 1st, 2025.

What does this mean for your business, and how can your ATLAS advisors help?  Read below for key details and next steps!

What are Unclaimed Funds?

The Division of Unclaimed Funds safeguards inactive financial accounts and other assets until they can be returned to their rightful owners.  If an account has had no activity for 3-5 years and the owner cannot be located, it is considered an “inactive” account.  All inactive accounts must be reported on an annual basis.  Failure to file this report may result in substantial fines. 

Important Changes for 2025

As of July 1, 2025, the Division no longer accepts paper or PDF reports.  Reports must be submitted electronically in .TXT or .HRS format using one of the following websites:

Steps to File Your Report

1. Determine Inactive Accounts
Accounts are considered inactive if there’s been no activity for at least 3 years, and the owner or beneficiary cannot be contacted. 

2. Send OUF-8 Notices
Use the OUF-8 letter template to notify owners: 

  • $50-$1,000: Send via first-class mail
  • Over $1,000: Send via certified mail (you may charge applicable accounts up to $20 for mailing)
  • Under $50: No notice required

You must allow the owner or beneficiary 30 days to respond to the notice before filing the NAUPA report. 

3. Submit Your NAUPA Report
Report all unclaimed accounts that did not respond to the notice. If your business has no unclaimed funds, you must still file a negative report to confirm. You can locate the NAUPA file to complete here.

 

Need Help?

Your ATLAS Ohio Teams in Akron, Canton, and Cincinnati East and West, are here to assist!  We can help you understand the requirements, prepare the report, and file it on your behalf, so you can stay focused on running your business. 

For more information, visit the Ohio Division of Unclaimed Funds.