![]() Searchers who visit the website can expect to find information about unclaimed money, including the owner's name, physical address, amount unclaimed, the financial institution that reported the unclaimed funds, and the type of unclaimed funds. The Illinois State Treasurer's Office maintains an official searchable database of unclaimed money. As of December 2021, the Illinois State Treasurer's Office reports over 3.5 billion dollars worth of unclaimed property and unclaimed money, waiting for the rightful owners to submit a claim. These holders will assume temporary, non-owner custody of the unclaimed funds in perpetuity until a person submits a valid claim. State laws compel these financial institutions to turn over custody of the financial assets to the treasurer or an authorized private holder. If there is no response, the financial institution will attempt to contact the individual's relatives. When this happens, the financial institution with original custody of the money will reach out to the owner via the list means of communication, typically email, mail, or phone call. ![]() It is not unusual for Illinois residents to forget about these financial assets or intentionally ignore them for a long time. Illinois enacted the Uniform Unclaimed Property Act directing financial institutions to transfer the custody of unclaimed money to the State Treasurer's Office after a dormancy period. Unclaimed money can include account balances, stocks, bonds, insurance policies, dividends, refunds, and public benefits. Let me know in the comments if you have unclaimed property with the state.Unclaimed money refers to assets that have remained untouched for a specific period of time and are repossessed by the government or authorized private holders. Illinois currently has over $3.5 billion in unclaimed property. This total includes 12,554 claims resulting in $11.5 million in cash and interest and almost $45,000 in stock value. In July 2023 alone, they returned $11.5 Million in unclaimed property according to their August 2023 newsletter. Since January 2023, nearly $120 million has been returned by the office. Since Michael Frerichs took office as the Illinois State Treasurer in January 2015, the Illinois Treasury Office has returned over $1 billion in assets to individuals and businesses. Final Words on Returned Unclaimed Property in Illinois If you've changed your name, search using both names and aliases. With the required identification, property is returned to an owner or their heirs at no cost. The Treasurer's office recommends you check for any unclaimed property at least twice a year. ![]() Follow the steps on the screen to claim the funds. It is so simple! Visit and type in your name to see if you have any unclaimed property waiting for you. The State Treasurer holds on to the property until the original owner or their heirs claims the property. The State Treasurer is the chief banking officer of Illinois, and it operates the state’s oldest consumer-protection program, Unclaimed Property. According to the iCash website, there is more than 3.5 billion dollars in unclaimed property for Illinoisans. The funds are held in the State Treasurer's Office. In an effort to protect consumer rights and ensure that individuals do not permanently lose access to their assets, the Illinois state governments has laws that require businesses and financial institutions to turn over unclaimed property, usually monetary, after a specified period of time. The property may also be unclaimed due to a change of name or address. Unclaimed property can take various forms, including unpaid life insurance benefits, forgotten bank accounts, unused rebate cards, uncashed dividend, or payroll checks, forgotten security deposits, abandoned safe deposit boxes and more. ![]() The State Treasurer's Office has introduced digital methods for submitting claims, removed bureaucratic obstacles that previously delayed the retrieval of smaller sums, and harnessed technology to enable payments to be issued without requiring a formal claim submission. When funds are returned, it provides the individual with extra cash to invest in themselves and/or their loved ones. Ever since Frerichs assumed the role of Treasurer, there has been a comprehensive overhaul of the unclaimed property procedure.
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