Illinois Program, known as I-Cash, provided one way for residents to locate unclaimed money owed them; previously residents would need to file a claim in order to collect any outstanding funds; however, new enhancements to I-Cash allow Illinois Treasurer Michael W. Frerichs to answer the question of “how do i find unclaimed money in illinois for free” in a recent press release.
This allows Illinois to mail checks without filing claims – giving residents one less step between themselves and unclaimed money.
According to the release, checks worth up to $5,000 will automatically be sent out to more than 66,000 people who owe money but have yet to collect it; prior to these changes, automatic payment caps were only $2,000.
This improvement, part of the state’s “Money Match” program, crossmatches state data with that maintained by the treasurer’s unclaimed property database, according to a press release.
“Once a matching name and mailing address have been identified and confirmed, the Treasurer’s Office will send an official letter that details both the amount and source of funds.” stated a release.
Once an additional security step has been completed, Frerichs’ office will issue a check directly to the owner, according to a release.
“All they need to do is keep an eye out for their mail,” the release stated.
Frerichs’ office reports that this program only addresses cash owed to one party at a time; it does not encompass money owed by multiple parties, joint holdings between parent and minor child, shares/bonds ownership, escrow accounts or safe deposit boxes.
So far this month, approximately 66,700 individuals in Illinois have received checks with additional ones likely being distributed in coming weeks, according to a release issued on Tuesday.
Officials projected that the automatic mailing program would generate an estimated return of up to $47 Million, they announced.
Illinois residents can check to see if they own unclaimed property using several methods available from NBC 5 Investigates. They provide a full list of how you can check to see if money is owed to you.