Ohio Due Diligence Document Request
Description
How to fill out Due Diligence Document Request?
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FAQ
The purpose of due diligence is to reunite property with owners rather than transferring it to the State. Send the due diligence letter via mail (or electronically with the owner's prior consent). Send the due diligence letter to the owner's address of record (or electronically with the owner's prior consent).
For all non-life insurance companies, the reporting deadline is November 1 for properties dormant as of June 30. For life insurance companies the reporting deadline is May 1 for properties dormant as of December 31.
The time frame varies depending on the property but in most cases it is three to five years. One exception is payroll checks, which are only held for one year. The funds are then turned over to the State, which acts as custodian of the funds until they can be returned to the rightful owner.
Reporting Unclaimed Accounts (Due Diligence): Companies are required to send an OUF-8 Notice of Unclaimed Funds, or a similar notice that meets statutory requirements, to the last known address of the owner or beneficiary of dormant accounts with a balance of $50.00, and less than $1,000.00, via first class mail.
Ohio also has more specifications than most states when preparing due diligence mailings for its residents. Similar to California's requirements, letters to Ohio residents must list specifics of the property, including its nature, ID number or description of the property, and amount.
Four Easy Steps to Report Your Unclaimed Funds Identify Inactive Accounts. This page helps you to review your accounts to determine if you have any unclaimed funds. Send Letter to Owners. This page leads you to the OUF-8 Notice Letter along with instructions. Create an Unclaimed Funds Report. ... Submit your Report and Funds.
Companies are required to send an OUF-8 Notice of Unclaimed Funds, or a similar notice that meets statutory requirements, to the last known address of the owner or beneficiary of dormant accounts with a balance of at least $50.00 and less than $1,000.00 via first class mail.
No mailing is required for accounts less than $50, however, applicable accounts would be reportable as an AGGREGATE total. There is no minimum amount reportable.