How to claim unclaimed funds before they go to the Browns
Why it matters: Attention is on unclaimed funds after Gov. Mike DeWine signed a new state budget last week setting aside $1.7 billion for a "Cultural and Sports Facility Fund," including $600 million for a new Browns stadium.
The move comes with an unprecedented change in state law that has generated controversy and legal questions.
Catch up quick: Banks and businesses regularly send unclaimed funds to the state, from places such as inactive accounts or uncashed last paychecks.
The Ohio Department of Commerce previously held this money indefinitely until owners claimed it.
But starting Jan. 1, 2026, any unclaimed funds reported to the state on or before Jan. 1, 2016, will be considered "abandoned and escheat to the state."
For funds reported after that date, Ohioans will have 10 years to file a claim.
Follow the money: The current pot is nearly $5 billion, meaning many people likely don't realize they're owed something.
The state recently launched a new online system making it easier than ever to search your name and upload required documentation.
Alissa submitted a claim in 2023, when it still required using old-fashioned snail mail, and earned about $28.
Between the lines: Department spokesperson Franklin Freytag tells Axios it's not unprecedented for unclaimed funds to be transferred elsewhere.
The 2017 state budget bill, for example, sent $200 million to the general revenue fund.
The intrigue: We asked DeWine spokesperson Dan Tierney what would happen to the new Cultural and Sports Facility Fund if a sudden surge of claims depletes the pot.
Tierney called it a "borderline impossible scenario" and noted the Division of Unclaimed Funds has "without exception, taken in more money that is paid out in any given year."
What we're watching: The Franklin County Convention Facilities Authority will apply for some of the funds to renovate Nationwide Arena, executive director Ken Paul tells Axios.
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