Illinois State Treasurer Mike Frerichs announced that the holiday season brings an extra dose of cheer for Illinoisans, as Christmas, Happy Holidays, Santa, Rudolph, and even Scrooge are among the millions of names listed in the state's missing money database. This surprise of unclaimed cash and property is awaiting rightful owners, creating an opportunity for some unexpected holiday financial boost.
Frerichs expressed the festive spirit saying, it's the most wonderful time of the year, and returning missing money to the rightful owners is even more special during this season. He encouraged residents to discover if they have any forgotten funds by entering their names at illinoistreasurer.gov/icash.
Unclaimed property, defined as money or accounts with no activity for several years, is entrusted to the State Treasurer when the legal owner fails to respond to inquiries. This includes unpaid life insurance benefits, forgotten bank accounts, and unused rebate cards.
With an estimated one in four adults in Illinois finding missing money through the treasurer's database, the average claim is $1,000. Frerichs has overseen the return of over $1.9 billion in unclaimed property, marking a record-setting performance resulting from a comprehensive restructuring of the missing money process. The state treasurer's office has streamlined the claims process, introduced electronic claims, and leveraged technology for easy payments.
In a recent initiative, the Treasurer's Office launched the Enhanced Money Match program, sending letters to over 140,000 individuals by cross-referencing state-collected data with the missing money database. The program aims to simplify the process for unclaimed property owners, providing details about the amount and source of the money.
With a focus on the ease of the claims process, recipients must only watch their mail and cash the check, with the Treasurer's Office conducting additional security measures. Frerichs recommends that residents check for missing money at least twice a year, emphasizing the ongoing effort to reunite Illinois residents with their unclaimed assets. To see if any missing money awaits, individuals are encouraged to visit illinoistreasurer.gov/icash.