State Treasurer Michael Frerichs Encourages Residents to Claim Property

$3.5 Billion in Unclaimed Property Available at www.illinoistreasurer.gov/ICASH

State Treasurer Michael Frerichs Encourages Residents to Claim Property
$3.5 Billion in Unclaimed Property Available at www.illinoistreasurer.gov/ICASH

SPRINGFIELD – Tens of thousands of letters informing Illinois
residents that they have unclaimed cash or property ready to claimare hitting mailboxes this month, Illinois State Treasurer Michael Frerichs said today.

“Our office uses many methods, including U.S. mail, events, and
print and digital advertising, to connect unclaimed cash and property with its rightful owners,” Frerichs said. “We are proud to say that we have returned more than $1.2 billion in unclaimed property in the past five years, but there are billions more available to claim.”

Frerichs said 25,715 letters have been sent to Illinois residents
to encourage them to claim their cash or property valued at
$19,012,789.66. This batch of letters also includes more than 1.7
million in stock and the contents of 24 safe deposit boxes.

As a part of the ‘Money Match’ program, an additional 9,112
notification letters totaling $669,795 have been sent to residents tonotify them of their unclaimed cash. With Money Match, checks
will be issued to recipients after the address is confirmed to be
correct; no action is required by these claimants. Launched in 2018, the program uses existing technology and state records to match unclaimed cash with qualifying Illinois taxpayers and will have returned approximately $14 million to 130,000 Illinois taxpayers.

The property must be $2,000 or less in cash with only one owner.
The goal is to return more money, more quickly, and without the
need of paper, to Illinois taxpayers.

An online chat feature also is available during business hours to
make the claims process easier and more convenient. The feature allows residents to communicate directly with an employee from the unclaimed property division to help answer questions and assist with the claims process in real time.

State law requires the Treasurer’s Office to publish newspaper
ads in all 102 Illinois counties every six months and send letters to residents who have newly reported unclaimed property of $100 or more. This year, the contact will include digital ads on social media to raise awareness and encourage others to check the unclaimed property database.

The Treasurer’s Office also works with organizations, churches,
associations, local governments, and elected officials to connect
Illinois residents with unclaimed property. Additionally, each year,
the Treasurer’s Office civic engagement team attends hundreds
of community events throughout the state conducting onsite unclaimed property searches.

An estimated one-in-four people in Illinois who search find
unclaimed property and the average claim is $1,000. In August
2021, Frerichs announced $1.2 billion in unclaimed property
had been returned during his tenure, the most that has been
returned in the program’s 58-year history. The $1.2 billion
milestone was possible because Frerichs prioritized changes in
technology, efficiency, and state law to streamline the unclaimed
property process.

Unclaimed property refers to money or accounts within financial
institutions or companies in which there has been no activity for
several years and the legal owner has not responded to inquiries by the business. In Illinois, the state treasurer is tasked with safeguarding unclaimed property, such as unpaid life insurance benefits, forgotten bank accounts and unused rebate cards.

Because unclaimed property is reported to the treasurer’s office
two times a year, it is recommended individuals check the database every six months.

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