January 31, 2024 – 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 thanletting it sit in a bank,” Frerichs said. “You don’t have to limit yourself to February1, 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, toinform more people about unclaimed property.
An estimated one-in-four people in Illinois find unclaimed property and theaverage claim is $1,000. To find out if you have unclaimed property in Illinois, visit icash.illinoistreasurer.gov. 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.
