Ohio

Ohio’s unclaimed property program is overseen by the Ohio Department of Commerce under Chapter 169 of the Ohio Revised Code. Whether you are managing dormant accounts or uncashed checks, compliance requires a proactive and thorough approach.

Overview of Ohio’s Unclaimed Property Law

Ohio law requires businesses and financial institutions, known as “holders,” to report specific types of property that have remained unclaimed for a set period. This includes:

• Checking and savings accounts
• Uncashed payroll or vendor checks
• Insurance benefits and premium refunds
• Customer refunds and deposits
• Securities and dividends
• Safe deposit box contents

Once the dormancy period ends, holders must attempt to reach out to the rightful owner. If contact efforts are unsuccessful, the property must then be reported to the state. This process is a core part of broader escheatment compliance responsibilities that safeguard your customers and mitigate regulatory risk.

Ohio Dormancy Periods

Knowing the state-specific dormancy periods is essential for timely compliance. In Ohio, dormancy timelines vary based on property type. Below are the most common examples:

Note: Always verify current rules with the Ohio Department of Commerce to ensure accurate dormancy periods for your property categories.

Due Diligence Requirements in Ohio

Before submitting your report, Ohio law requires holders to make a good faith effort to locate the property owner. This not only helps reunite owners with their assets but also ensures compliance with state requirements.

Minimum outreach includes:

• Sending a first-class mail notice to the owner’s last known address at least 30 days before filing for property valued at $50 or more.
• For property valued at $1,000 or more, the notice must be sent via certified mail with return receipt requested.
• While not mandatory, many businesses also use email or phone outreach to strengthen audit documentation and improve response rates.

Effectively managing these efforts is a key part of escheat mail management and can reduce risks during audits.

Ohio Reporting Deadlines and Requirements

Ohio’s reporting requirements vary depending on the type of holder: 

Life Insurance Companies:

• Report Period: January 1 - December 31
• Report and Payment Due: May 1

All Other Businesses:

• Report Period: July 1 - June 30
• Report and Payment Due: November 1

All reports must be filed electronically in NAUPA II format through Ohio’s online portal. If no unclaimed property is reportable, holders are still required to submit a negative (zero) report. Staying on schedule helps ensure your escheatment process is compliant and audit-ready.

Ohio’s Voluntary Compliance Program

Fallen behind? Ohio offers a Voluntary Compliance Agreement (VCA) program that allows holders to come into compliance without facing immediate penalties or interest.

The program typically involves a structured review period to identify past-due property. It is a practical way to resolve outstanding obligations and lower your risk of future audits, strengthening your overall escheatment compliance.

How Eisen Helps You Stay Compliant in Ohio

At Eisen, we make the Ohio escheatment process simpler, faster, and more reliable. Our tools streamline every step:

• Escheatment Manager: Automatically identifies eligible property, tracks Ohio dormancy periods, and submits compliant reports.
• Outreach Manager: Sends due diligence notices on time and logs each step to support your audit file.
• Disbursement Manager: Manages secure, auditable payments through checks, ACH, and wire transfers.
  

Make Ohio Compliance Part of Your Business DNA

Staying compliant with Ohio’s escheatment laws is more than protecting against fines. It is an opportunity to show how seriously you take customer trust and operational excellence. With Eisen, compliance becomes proactive - a reliable part of your operations that ensures you’re ready long before the next audit arrives.