Illinois Treasurer’s Office Sends Checks to 140,000 Residents in $5 Billion Unclaimed Property Push

In the continued effort to reunite Illinois residents with what is rightfully theirs, the state’s Treasurer’s office has taken tangible steps by mailing checks to around 140,000 people from the unclaimed property vault that has amassed over $5 billion. According to a report by

ABC 7 Chicago

, Treasurer Michael Frerichs announced that these checks, coming from the Enhanced Money Match program, are part of the office’s plan to proactively return money ranging from dormant bank accounts to overpaid bills, without the need for individuals to initiate claims.

However, skepticism has been a hurdle as some recipients doubt the legitimacy of the funds. “Many people don’t think the checks are real,” Frerichs stated, as quoted by

ABC 7 Chicago

. While attempts to inform beneficiaries are ongoing, the state acknowledges the challenge ahead. The article adds that a significant sum, over $13 million, has already been disbursed to Illinoisans through this initiative.

Aside from automatic transmissions through the Enhanced Money Match program, residents are encouraged to search and file claims for any potential unclaimed property. As detailed by the

Chicago Sun-Times

, options to reclaim assets include using the state’s online portals at icash.illinoistreasurer.gov or missingmoney.com, which provide a national database for reference, excluding Hawaii. The Treasurer’s office in both Chicago and Springfield offers in-person claim filing services, with prior appointments recommended by the Chief of Staff, Allen Mayer.

For those lucky enough to find a match in the program or through their own efforts, the process involves several verification steps to prevent fraudulent claims. According to the

Chicago Sun-Times

, claimants are required “to provide proof of their identity, including a Social Security number, and sign a claim form.” These measures are instrumental, Frerichs explains, “not in an effort to make your life difficult, but to make sure the right person gets the right money.” Claimants can track the status of their submission on the state webpage and use the Fast Track program for claims under $5,000, intended to expedite the process.

For those owning more significant amounts, or for cases where an heir must be determined, additional documentation and sometimes legal consultation may be required. If a claimed property is a safe deposit box with tangible assets, Illinois might auction these items off after five years of remaining unclaimed, with the auction proceeds earmarked for the owner upon successful filing. This, Frerichs notes, is due to physical limitations in space for storing such items, unlike cash which the state can hold indefinitely.

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