Illinois Treasurer Michael Frerichs is urging residents to seize the opportunity presented by National Unclaimed Property Day, RECOGNIZED ON February 1st, by checking the state's I-CASH website for any unclaimed cash or property owed to them. The initiative is part of a nationwide effort to raise awareness about unclaimed assets.
The unclaimed property comprises various items such as rebate checks, uncashed vendor payments, stocks, and contents from safe deposit boxes that, by law, end up with the State Treasurer's Office when companies and banks cannot locate the rightful owners. Frerichs emphasized the economic benefit of returning such funds to individuals rather than allowing them to remain dormant.
Frerichs revealed that in 2023 alone, $276 million in unclaimed property was returned to rightful owners, contributing to a total of $1.9 billion since he took office. The state treasurer's office focused on technological advancements, efficiency improvements, and legislative reforms, and has significantly enhanced the unclaimed property recovery process, leading to a notable increase in successful claims.
Frerichs shared heartfelt stories of individuals and organizations benefiting from the reclaimed funds, which include returning $64,500 to the Salvation Army, and a Chicago man planning to support his late sister's children through college bring reunited with $100,000 of missing finds.
Moreover, Frerichs introduced a Friends and Family "share" feature on the I-CASH website, allowing users to notify acquaintances if their names appear in the database, facilitating a smoother retrieval process.
To learn more about unclaimed property and to find out if missing funds await, visit icash.illinoistreasurer.gov.
