Imagine discovering you have money waiting for you – money you didn’t even know about. It might sound like a dream, but for thousands of Illinois residents, it’s a reality. Every year, millions of dollars in unclaimed property are returned to their rightful owners through the Illinois State Treasurer’s Office. Are you one of them? Let’s explore how you can find out if you’re Owed Money In Illinois and how to claim it.
What is Unclaimed Property?
Unclaimed property, often referred to as “missing money,” isn’t just loose change found on the street. It’s financial assets that have been lost or forgotten. This can happen for various reasons:
- Moving and forgetting: You move to a new address and forget to update your contact information with banks, insurance companies, or employers.
- Uncashed checks: Paychecks, tax refunds, or rebates get lost in the mail or forgotten in a drawer.
- Dormant accounts: Savings or checking accounts become inactive over time, especially if you move or change banks.
- Inheritance: You might be an heir to an estate and not even know it, with assets waiting to be claimed.
- Insurance payouts: Life insurance benefits or other insurance settlements remain unclaimed.
These assets, by law, eventually get turned over to the State Treasurer’s Office as unclaimed property. In Illinois, Treasurer Michael Frerichs and his office are actively working to reunite residents with their lost funds through various initiatives and programs.
How to Check if You’re Owed Money in Illinois
Finding out if you have unclaimed property in Illinois is easier than you might think, thanks to the Illinois State Treasurer’s I-Cash program. This free online service allows you to search the state’s database of unclaimed property. Here’s how you can check:
- Visit the official I-Cash website: Go to the official website of the Illinois State Treasurer and look for the “I-Cash” or “Unclaimed Property” section.
- Search your name: Enter your first and last name in the search bar. You can also add your city or county to narrow down the results if you have a common name.
- Browse the results: The search will display any potential matches. Review the listings carefully to see if any match your information.
- File a claim: If you find property that belongs to you, follow the instructions on the website to begin the claim process. You’ll typically need to provide some documentation to verify your identity and ownership.
The I-Cash website is user-friendly and designed to make the process as straightforward as possible. The Treasurer’s office has even enhanced the Money Match program to proactively return money to residents, sending checks directly to those they identify as having unclaimed funds, in amounts up to $5,000.
Types of Unclaimed Property Commonly Found in Illinois
The range of unclaimed property is surprisingly diverse. Here are some common examples of what might be waiting for you:
- Bank accounts: Checking and savings accounts, Certificates of Deposit (CDs)
- Uncashed checks: Payroll checks, vendor checks, cashier’s checks, money orders, refunds
- Stocks and bonds: Unclaimed stock shares, matured bonds
- Insurance benefits: Life insurance policies, demutualization payments
- Utility deposits: Refundable deposits from utility companies
- Safe deposit box contents: Items from abandoned safe deposit boxes (often auctioned after a period of time, with proceeds held as unclaimed property)
- Gift certificates: Unused gift certificates (in some cases)
The Illinois State Treasurer’s office frequently highlights different types of unclaimed property, including valuable items like Purple Heart medals returned to veterans’ families and even sports memorabilia and rare collectibles found in unclaimed safe deposit boxes, which are often auctioned at the Illinois State Fair.
The Impact of Returning Unclaimed Property
The Illinois State Treasurer’s commitment to returning unclaimed property has a significant positive impact on residents. In fiscal year 2024 alone, the office returned a record $301 million to Illinoisans. Over $2 billion in unclaimed property has been returned to rightful owners under Treasurer Frerichs’ leadership.
This money can be life-changing for individuals and families, providing a financial boost they may desperately need. It also benefits the Illinois economy by putting money back into the hands of consumers.
Resources and Further Information
Don’t leave money on the table that could be rightfully yours. Take a few minutes today to check the Illinois State Treasurer’s I-Cash program.
- Illinois State Treasurer’s I-Cash Website: [Insert Link to Official I-Cash Website Here] (You can find this link on the official Illinois State Treasurer’s website)
You can also contact the Treasurer’s office directly for assistance with your unclaimed property search or claim.
It’s your money – go get it!
