SPRINGFIELD – Lost bank accounts, insurance policy proceeds, unused rebate cards, vintage coins, military medals, and special keepsakes are among the cash and property that have been reunited with Illinois residents during the past five decades, Illinois State Treasurer Michael Frerichs said.
“Connecting people with their lost cash and keepsakes is one of the most fulfilling parts of my job,” Frerichs said. “Some of our greatest returns are unclaimed cash to put a new roof on someone’s home, jewelry from a grandparent that had put it away in a safe deposit box, or a purple heart medal that a Veteran thought they would never see again.”
As part of an annual advertising and direct mail push, Frerichs is highlighting Illinois residents who have been reunited with their unclaimed property. 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 unclaimed property. This year’s push will also take place online, featuring digital ads on social media, to help raise awareness and encourage others to check to find out if they have cash or property waiting to be claimed.
An estimated one-in-four people in Illinois have unclaimed property and the average claim is $1,000. In 2020, Frerichs announced $1 billion in unclaimed property had been returned to Illinois taxpayers during his tenure, the most that has been returned in any five-year period in the program’s 58-year history. The $1 billion milestone was possible because Frerichs prioritized changes in technology, efficiency, and state law to streamline the unclaimed property process.
“We are making every effort to reach residents across the state to inform them about our unclaimed property program and to reassure them that this program is legitimate and not a scam,” Frerichs said. “We have more than $3.5 billion and thousands of properties just waiting to be claimed atwww.illinoistreasurer.gov/ICASH.
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.