SPRINGFIELD, Ill — Illinois State Treasurer Michael Frerichs announced $1 billion in unclaimed property has been returned to residents over the past five years.
It is the most that has been returned in any 5-year period in the program’s 58-year history, according to a press release.
“Government needs to work smarter. The numbers show our improvements to the unclaimed property program created a faster, better, and more efficient service,” Frerichs said.
Unclaimed property refers to property or accounts within financial institutions or companies in which there has been no activity for several years, the release stated.
In Illinois, the treasurer is responsible for safeguarding unclaimed property and is legally required to return it to the rightful owners no matter how long it takes.
In 2015, Frerichs inherited a paper-driven system when he became treasurer. Frerichs embraced changes in technology and state law to streamline the unclaimed property process, also known as “I-Cash.”
“While $1 billion is a significant achievement that only could be obtained by working collaboratively with our staff and state lawmakers, it is the stories behind the unclaimed property that I find most memorable,” Frerichs said.
One of those stories is of a Chicago-area woman. She adopted two children after her family died in a car accident.
Years later, the state treasurer's office obtained more than $100,000 for the woman after auditors found an unpaid life insurance policy.
One in four people in Illinois have unclaimed property, according to the release. Currently, there is more than $3.5 billion in the unclaimed property fund.
If you think you have unclaimed property, click here.
