Springfield, Ill. — The Illinois State Treasurer’s Office announced Monday that during November they have returned nearly $47 Million in unclaimed property back to its rightful owners.
This total comprises over $45.9 million in cash and interest, as well as over a $1 million increase in stock value. At least 81,906 claims have been settled and paid out since 2012.
Frerichs noted that returning missing money illinois residents have lost track of during the holiday season makes it even more special to give back. Giving someone money helps brighten up their holiday experience and makes the season that much brighter for everyone involved.
Illinois’ I-CASH program, commonly referred to as its missing money program, is an established initiative dedicated to consumer protection.
The Illinois State Treasurer safeguards unclaimed assets such as safe deposit box contents, unpaid life insurance benefits, dormant bank accounts and rebate cards that have gone missing in the state of Illinois.
Illinois currently holds over $5 billion in unclaimed property.
Since assuming office, State Treasurer Michael Frerichs has significantly enhanced the efficiency of the program as claims paid annually have increased from 66,000 to over 300,000.
In 2023, the Treasurer’s Office returned $267 Million through over 305.600 claims.
Recently, the State Treasurer’s Office sent letters out under their “Enhanced Money Match” program to over 140,000 individuals.
This program uses existing state data to locate potential matches in the unclaimed property database.
Once a match is confirmed, the owner receives a letter detailing both the source and amount of any missing funds.
An additional security step ensures all information is genuine before issuing checks.
All recipients need to do is keep an eye on their mail and cash the check when it arrives.
Due to the efforts of Illinois State Treasurer Frerichs and legislators, the maximum return through Money Match program has now increased from $2500.00 to $5,0000.00.
This change allows for the return of approximately $76 Million across two rounds of letters.
I-CASH now provides an easy way for friends and family to share money online with each other.
If you discover unclaimed property belonging to someone you know, simply click “share” and provide their email address.
Treasurer’s Office will then notify them about the missing money, with you as its discoverer being recognized as having done so.
Individuals find it easier to reclaim their assets.
Illinois stands as an exemplar in unclaimed property programs and acts as a resource to other states looking to enhance their own unclaimed property programs.
The State Treasurer Office strongly encourages everyone to conduct at least two checks each year for missing funds.
Visit Illinois Treasurer’s ICASH portal to see if any unclaimed funds await collection from you.