The Illinois State Treasurer’s office is holding over $5 billion in unclaimed funds for Illinois residents, leaving money on the table for thousands of Illinoisans who may be unaware that they are owed money.
According to Illinois Treasurer Michael Frerichs, the Treasurer’s office holds any unclaimed funds until they are claimed by either the original owner or their heirs.
Those who are owed property or funds receive them at no cost with proper identification, Frerichs’ office said.
Unclaimed property held by the Treasurer’s office can include checking and savings accounts, uncashed wage and payroll checks, uncashed stock dividends and stock certificates, money orders and traveler’s checks, among others.
According to Frerichs’ office, real estate and vehicles are not included in the state’s unclaimed property program.
Property generally becomes “unclaimed” or “abandoned” after it has been without activity for a certain period of time, which is three years for most properties, according to the Treasurer’s office.
To prevent accounts from being unclaimed or abandoned, Frerichs’ office advises to keep accounts active and make to sure to make a deposit or withdrawal and update contact information at least every year.
Individuals looking to see if they have any unclaimed property can conduct a search using the Treasurer office’s iCash database here.
More information on unclaimed property in Illinois can be found here.