No Claim Needed with Enhanced Money Match Program, $47 Million to be Returned to 66,000 Residents
SPRINGFIELD — More than 66,000 people are in line to receive up to $5,000 from the state’s Unclaimed Property program and all they have to do is open their mailbox, Illinois State Treasurer Michael Frerichs said today.
Frerichs proposed and worked with the General Assembly to create the enhancements to the Money Match program to make it easier to automatically return money to individuals without the need to file a claim. In doing so, lawmakers also agreed to raise the automatic payment cap to $5,000. Enhanced Money Match is the latest improvement that leverages technology to return money to individuals quickly and efficiently.
“How can we make life a little bit better and a little bit easier for our residents is the driving force behind all of our programs,” Frerichs said. “Putting money in people’s pockets so they can decide how best to spend it simply makes a lot of sense and is the right thing to do.” The Enhanced Money Match Program leverages data already collected by the state and crossmatches it with the treasurer’s unclaimed property database. When a matching name and mailing address is identified and confirmed, the unclaimed property owner will receive a letter from the Treasurer’s Office that describes the amount and source of the money.
After one additional security step is concluded, a check simply is issued to the owner. All they have to do is watch for the mail.
“Our economy is growing, but we know there still are challenges,” Frerichs said. “This money will offer a cushion for some, and for others it will help with back-to-school expenses and making rent.”
Enhanced Money Match focuses on simple claims: Cash owed to a single person. Not included is cash owned by multiple parties, including a joint holding of a parent and minor child, as well as shares of stocks and bonds, escrow accounts, and the contents of bank safe deposit boxes. That part does not change, but the cap is raised to $5,000 from $2,000.
Initial Enhanced Money Match letters hit the U.S. Mail this month to an estimated 66,700 individuals.
Checks could be issued a few weeks later. The total to be returned is $47 million.
Enhanced Money Match is part of the office’s Unclaimed Property program, also known as I-Cash. It is one of the state’s oldest consumer protection initiatives. In Illinois, the state treasurer is tasked with safeguarding unclaimed property, such as the contents of overlooked safe deposit boxes, unpaid life insurance benefits, forgotten bank accounts and unused rebate cards. Illinois holds more than $3.5 billion in unclaimed property. The state treasurer is legally required to return unclaimed property to its owners or heirs, no matter how long it takes.
About the Illinois Treasurer The Illinois State Treasurer’s Office is a powerful economic engine that invests in people to drive prosperity, development and growth throughout the state. As State Treasurer, Michael Frerichs (FRAIR'-iks) is the state’s Chief Investment and Banking Officer and actively manages approximately $55 billion. The investments help families pay for college and trade school; workers save for a dignified retirement; and local governments process bill payments more efficiently so they can pass along the savings to taxpayers. The office provides financial institutions money to loan to farmers, small business owners, and qualified individuals at below-market rates because better jobs create stronger communities. The office operates the state’s largest consumer-protection initiative, the unclaimed property I-Cash program, which has returned a record-breaking $1.8 billion since Frerichs was elected.
For more news about the State Treasurer’s Office, please follow Treasurer Frerichs on X (formerly Twitter) at @ILTreasurer, Threads @iltreasurer@threads.net, Instagram at ILTreasurer, Linkedin and on Facebook at Invested in You – Treasurer Michael Frerichs.
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