Thursday, April 09, 2009

The Ohio Supreme Court Rules Unclaimed Funds + Interest

The Columbus Dispatch reported this morning that the Ohio Supreme Court unanimously ruled that The Ohio Department of Commerce, Division of Unclaimed Funds is not permitted to withhold interest on unclaimed funds accounts.

The Department of Commerce has been withholding interest for the past 18 years.  In 1991, the Ohio legislature ended the practice of paying interest and added a 5% administrative fee.

The Ohio Supreme Court summary indicates that the withholding of interest is a violation of property rights.  The department currently holds approximately $1.2 billion in unclaimed funds.

2 comments:

Anonymous said...

Thanks you Ohio Supreme Court!

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