No Claim Needed as $13.2 Million to be Returned
A record-setting 138,561 people are in line to receive a total of nearly $13.2 million from the state’s Unclaimed Property program and all they have to do is cash the check, Illinois State Treasurer Michael Frerichs said today.
The checks are part of the latest round of the Enhanced Money Match program that allows the Treasurer’s Office to automatically return money to individuals without the need to file a claim. It’s the latest improvement that leverages technology to return money to individuals quickly and efficiently through I- Cash. The vast majority of the checks in this round are for $50 to $100.
“Returning this money to its rightful owners will help make life a little bit easier for people,” Treasurer Frerichs said. “At a time when we are all dealing with higher prices, it can pay for a couple bags of groceries or maybe a fill-up or two at the pump.” The Enhanced Money Match Program leverages data already collected by the state and crossmatches it with the State Treasurer’s unclaimed property database. The Treasurer’s Office matches names and mailing addresses and confirms them, then sends a letter to the unclaimed property owner that describes the amount and source of the money.
After a quick final review, a check simply is issued to the owner. All they have to do is watch for it in the mail a few weeks after they receive the letter from the State Treasurer’s Office.
“Don’t forget to deposit or cash the check,” Treasurer Frerichs urged.
Since 2018, the Illinois Treasurer’s Office has returned more than $102 million to nearly 422,000 people through the Enhanced Money Match program. The nearly 140,000 letters that are going out in this round makes this the largest Money Match ever performed in the nation.
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.
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 $5 billion in unclaimed property. More than $2 billion has been returned since Frerichs took office, the most in state history. 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 $60 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 $2 billion since Frerichs was elected. For more news