Unclaimed properties in illinois

Keywords: unclaimed property, unclaimed money, illinois
Description: Index from A to Z, in Illinois unclaimed property information with search and statistics.

SPRINGFIELD – July 9, 2012 – Illinois State Treasurer Dan Rutherford today announced that the state’s Cash Dash unclaimed property program has a new name, I-Cash, and has added 780,000 new names to the public web database. The Illinois State Treasurer’s Office is making this effort to connect even more Illinois residents with their cash and assets.

I-Cash, part of the Illinois State Treasurer’s Unclaimed Property Division, connects state residents with their unclaimed property. The program was established in 1999 with the goal of helping Illinois residents through the process of reclaiming money or assets. It’s common for people to lose track of their assets when they move or when loved ones pass away, and businesses and banks are required to turn over unclaimed accounts to the treasurer’s office.

With the new I-Cash program, Rutherford and his staff encourage residents to “discover what’s yours” by visiting the new I-Cash website and searching the state’s database to see if they have an asset waiting for them. On the new website, consumers can also watch a video and read about other state residents who have searched for, discovered and received unclaimed property.

“Our goal through this program rebranding is to raise awareness and reunite even more Illinois residents with their unclaimed assets,” says Rutherford. “The chances are even greater now that you, or someone you know, will discover cash or assets in the database with the recent addition of 780,000 names. Illinois residents have nothing to lose, and everything to gain, by searching the I-Cash website.”

The 780,000 new names were recently added to the database from records prior to1992, a time period before a computer system upgrade streamlined the database’s maintenance.

One in eight Illinois residents has an asset to be claimed through I-Cash. The state currently has $1.5 billion in cash, plus contents from Illinois safe deposit boxes, which need to be returned to Illinois residents. Most assets are transferred to the state after they’ve been inactive for at least five years.

During Rutherford’s first year in office, the program marked the first time in history that the treasurer’s office returned more than $100 million to the people who owned assets. The total for 2011 was $101,679,655, a 23 percent increase over the previous year. Prior to Rutherford’s leadership, the I-Cash program returned about $80 million annually to owners.

Some examples of unclaimed property currently held by the treasurer’s office include the following:

  • Money from inactive savings and checking accounts
  • Unpaid wages or commissions
  • Stocks, bonds and mutual funds
  • Money orders and bill overpayments
  • Paid-up life insurance policies
  • Safe deposit box contents.

You can contact the Unclaimed Property Division by calling 217-785-6998 or emailing info@icash.illinois.gov.

Unclaimed money come from many sources. Much of it – about 10% – is from insurance, e.g. someone had life insurance the heirs don‘t know about, or the policy changed after people moved, and the insurance company didn‘t find them. Most of the money is small amounts from old bank accounts.

Unclaimed Property is any financial asset that has been abandoned by the owner for one or more years. Some examples of property that can become abandoned are:

  • Dividend, payroll or cashier's checks
  • Stocks, mutual fund accounts, bonds
  • Utility deposits and other refunds
  • Bank accounts and safe deposit box contents
  • Insurance proceeds
  • Mineral interest or royalty payments
  • Court deposits, trust funds, escrow accounts

Treasuries of every state deal with unclaimed property passed on to them by the “property holder” organization. Information here can refer to both properties held by government and non-government organizations, so if the state procedure yields no results it is a good idea to contact the organization directly.

Please, check the ‘Property Holder’ column. Have you ever dealt with the organization listed there? Have you lived in that state?

If you have reason to believe that you are the rightful owner of the property listed here you have to find out if you can claim the property under question, and if it’s worth the effort.

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