May 16, 2022 -Illinois’ unclaimed property program has paid its 1 millionth claim since 2015.
According to the State Treasurer’s Office, the dramatic increase is a result of a complete restructuring of the unclaimed property process, especially the addition of electronic claims, eliminating red tape that slowed small-money claims and leveraging technology to allow payments to be made without a claim even needing to be filed.
“This milestone was achieved because we reimagined the office and used common sense to make it more efficient,” Treasurer Mike Frerichs said. “As a result, we have returned a record-shattering $1.4 billion to Illinois taxpayers, who richly deserve to keep more of their own money.”
Unclaimed property, also known as I-Cash, refers to money or accounts within financial institutions or companies in which there has been no activity for several years. Unclaimed property includes forgotten bank accounts, unpaid life insurance benefits, the contents of safe deposit boxes, and other items.
Estimated one-in-four adults in Illinois who search the I-Cash website find unclaimed property, with an average claim of $1,000.
Visit HERE to find out if any unclaimed property is waiting for you.
