Illinois State Treasurer Michael Frerichs said in a press release last week that about 140,000 people in Illinois are stuck with money in the form of unclaimed property checks.
According to the release, 138,561 people will receive a total of $13.2 million from Illinois’ Unclaimed Property Program, a “record” amount.
“All they have to do is cash the check,” the release states.
Frerichs said the recent checks are part of the latest round of the Enhanced Money Match program. The program allows the Treasury Department to “automatically” refund money to individuals without having to file a claim, the release states.
The majority of the checks are between $50 and $100, according to the release.
“Returning this money to its rightful owners will make people’s lives a little bit easier,” Treasury Secretary Frerichs said in a statement. I might be able to buy a few bags of the product.” Fill up the pump once or twice. ”
How does Illinois’ lost money program work?
The state’s “Extended Money Match” program cross-matches data from the state with the state treasurer’s unclaimed property database, according to the release. The Froehlich family office then cross-checks the name and address and then sends a letter to the owner of the unclaimed property stating the unclaimed amount and its source.
A check will be issued to the owner after “expedited final review,” according to the release.
“All they have to do is watch for a letter from the State Treasury to be mailed a few weeks after they receive it,” the release states.
Frerichs’ office stressed that people should remember to deposit their checks.
The program is specifically designed for cash payments made to a single person, according to the release.
“It does not include cash, shares of stocks or bonds, escrow accounts, or the contents of bank safe deposit boxes that are owned by multiple parties, including those held jointly by parents and minor children,” the release added.
The money match program is part of the agency’s “unclaimed property” program, also known as iCash, officials said. The state of Illinois currently has more than $5 billion in unclaimed property, according to the release.
In the release, treasurers stressed that they are legally obligated to return unclaimed property to their rightful owners or heirs “no matter how long it takes.”
How to tell if you have unclaimed money in Illinois
Although the Money Match program only applies to individuals, the state’s searchable I-Cash database can be found here. The database contains unclaimed real estate information for individuals, estates, or businesses.
You can check the I-Cash database here to see if you have any unclaimed money.
You can also visit the Comptroller’s website and check your unclaimed money here. The comptroller’s office currently has records of about 150,000 uncashed checks worth more than $50 million, according to the website.