February 1 is National Unclaimed Property Day
SPRINGFIELD — February 1 is National Unclaimed Property Day, and Illinois Treasurer Michael Frerichs is encouraging people to check the I-CASH website to see if they have cash or property owed to them.
States across the country are marking National Unclaimed Property Day to raise awareness and encourage people to check if they have cash or property owed to them.
“Putting money back in the hands of folks is better for our state’s economy than letting it sit in a bank,” Frerichs said. “You don’t have to limit yourself to February 1, you can check our website any time, enter your name, and find out if you or someone you know has cash or property to claim.” What is unclaimed property? When items such as rebate checks, uncashed vendor checks, stocks, unpaid life insurance claims, the contents of safe deposit boxes and the like cannot be returned to their rightful owners by companies and banks, by law the money ends up at the State Treasurer’s Office, which tries to reunite people with their missing money.
The National Association of Unclaimed Property Administrators (NAUPA) launched the first National Unclaimed Property Day on February 1, 2021, to inform more people about unclaimed property.
Treasurer Frerichs’ Office is a national leader on unclaimed property issues with a string of successes big and small. Among them:
*During 2023, the Treasurer’s Office returned $276 million in unclaimed property. Since taking office, Frerichs has returned a record $1.9 billion in unclaimed property. Frerichs prioritized changes in technology, efficiency, and state law to streamline the unclaimed property process. The number of successful claims for unclaimed property each year has more than tripled.
*In December, Frerichs’ Office returned $64,500 in I-CASH missing money to The Salvation Army, the charitable organization with a global reach widely known for its iconic Red Kettle Christmas fundraising campaign. The moment was captured on camera for a Good Morning America segment.
*In September, Frerichs’ Office returned $100,000 in missing money to a Chicago man who plans to use it to put his late sister’s children through college.
*The Treasurer’s Office returned more than $12,800 in missing money to Illinois Tech. Although many of the 18 different claims from various banks and vendors were small, the money added up for the Chicago university.
*Last year, Frerichs added a Friends and Family “share” feature. When visitors to the I-CASH website come across the name of someone they know, they can select the “share” icon and provide the email address of their friend or relative. Frerichs’ office then notifies the individual via email, then the person can start the process of retrieving it.
An estimated one-in-four people in Illinois find unclaimed property and the average claim is Unclaimed property is reported to the treasurer’s office twice each year, so it is recommended individuals check the database every six months. Illinois holds more than $5 billion in unclaimed property.
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 $1.9 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.
About the National Association of Unclaimed Property Administrators The National Association of Unclaimed Property Administrators (NAUPA) is comprised of the unclaimed property programs of all 50 states, the District of Columbia, and the Commonwealth of Puerto Rico, as well as several international jurisdictions. The organization’s objective is to facilitate collaboration and otherwise support program administrators in reuniting all unclaimed assets with rightful owners. NAUPA is an affiliate of the bi-partisan National Association of State Treasurers.
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