6% Interest Could Be Heading Your Way

A recent Ohio Supreme Court ruling determined that Ohioans who recovered unclaimed funds being held by the state in recent years are entitled to 6 percent interest on those funds.

Unclaimed funds result from dormant checking and savings accounts, uncashed checks, forgotten rent and utility deposits, among a variety of other sources. The funds are held by the Ohio Department of Commerce until the rightful owner can be found or the money is claimed.

In 1991, the State stopped paying interest on the funds. The Franklin County Common Pleas Court ruled in 2006 that denying the interest was unconstitutional. The Ohio Supreme Court upheld that ruling in April and the Common Pleas Court set the amount at 6 percent (the amount the state had been paying until 1991).

A spokesman for the Attorney General said a decision has not been made about whether there will be an appeal. Details of how and when the interest will be paid, as well as how many people qualify, are also being decided.

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