Ohio Due Diligence Checklist
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How to fill out Due Diligence Checklist?
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Ohio Revised Code 169.03 requires all businesses file a report on any unclaimed funds, even if there are none to report. Businesses may be subject to a state audit, potentially fines or penalties.
Unclaimed funds held by financial institutions become dormant if the owner has not accepted payment of the funds, corresponded in writing about the funds, or otherwise indicated interest in the funds within five years after the funds became payable or distributable to the owner.
The OUF-8 form is used as part of the due diligence process to serve notice to the owner that they have property that is now dormant and is reportable as unclaimed funds unless the owner takes action. The form consists of the owner information, the property account information including the dollar amount.
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.
To report your company's unclaimed funds on-line or file a Negative (NONE) report login to the Gateway at .business.ohio.gov or through the link on the Division's website. On-line help & support, tutorials and telephone support are available from the OBG website.
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.