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Unclaimed Funds: City of Elyria Reunited With More Than $3.4
Million
David Goodman,
Director of the Ohio Department of Commerce, presented
today the largest unclaimed funds payment in Ohio history to
Elyria Mayor Holly Brinda. The check was for more than $3.4
million.
The department’s Division of Unclaimed Funds is focused
on returning unclaimed public funds and taxpayer dollars to
their proper source, especially during this time of tight
budgets. Governor Kasich has asked every department in his
administration to find ways to help local governments without
further burdening taxpayers.
The Division recently called Mayor Brinda to let her know about
the funds and sent a claim form. The mayor returned the
necessary paperwork quickly and the Division worked to reunite
the city with its funds.
“We’re always pleased to reunite people with their money, but
we’re extremely pleased to return this large amount to the
people of Elyria,” Director Goodman said. “Virtually every
person or organization can have unclaimed funds from time to
time and I encourage all public agencies, school districts,
individuals and businesses to regularly search for and claim
their unclaimed money.”
The City of Elyria joins approximately 900,000 Ohioans or
organizations who have claimed their unclaimed funds. The city’s
unclaimed account derived from a policy it had with Anthem
Insurance Company for its employee life insurance coverage.
In 2001, Anthem, Inc. was formed when Anthem Insurance Companies
converted from a mutual insurance company to a stock insurance
company. This was a common practice in the previous decade known
as demutualization, as many mutual insurance companies
converted to stock companies. As a result, policy holders – such
as the City of Elyria – received shares of company stock. The
city did not invest in this company’s stock.
“On behalf of the City of Elyria and the citizens we serve, I
would like to express our most sincere appreciation to the Ohio
Department of Commerce for reaching out to us and reuniting us
with this very significant claim,” Mayor Brinda said. “It does
provide us with the unexpected and welcomed opportunity to repay
some debt and fund some critical one-time needed expenditures
that we would not otherwise be able to address.”
While the Anthem account was in the name of the city, the
address on the account was Michael B. Keys, as the then mayor,
at the city’s old address at 328 Broad Street, Elyria, OH 44035.
The city moved its offices in 2004 to 131 Court Street, Elyria,
OH 44035. Also in 2004, WellPoint, Inc. was formed when
WellPoint Health Networks, Inc. and Anthem, Inc. merged.
Mail addressed to Michael Keys at the old city address with a
return address from a company not listed as a city vendor could
have been mistaken for personal information and returned. Lack
of activity in the account since 2001 caused it to become
dormant and the account was forwarded to the State for
safekeeping.
Unclaimed funds consist of monies or the right to monies that
have been dormant. These funds are reported to the State of Ohio
for safekeeping until the rightful owners can be found. Some
common examples include: dormant saving accounts, credit
balances, investments, cashier’s checks and refunds from utility
and insurance companies.
Ohioans, public agencies and businesses can search for unclaimed
funds on the Division’s Online Treasure Hunt at:
www.unclaimedfundstreasurehunt.ohio.gov
or they can call the Division toll free at (877) 644-6823.
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