Illinois State Treasurer Michael Frerichs is urging approximately 140,000 residents to cash recently mailed unclaimed property checks as part of the state’s Enhanced Money Match program.
Since 2018, the Enhanced Money Match program has returned more than $102 million to approximately 422,000 people, according to a Treasury Department news release. This latest round of letters represents the biggest match in U.S. history.
This initiative allows accounting firms to automatically return missing funds without having to submit claims to individuals. Use existing condition data to cross match your unclaimed real estate database.
“We are leveraging technology to put more money back into the hands of the people of our state,” Frerichs said in a news release. “After all, the money is theirs, but some people don’t think it’s real when they see a check in the mail. Remember to deposit or cash the check, otherwise it will be returned to you.” It will return to us as unused property.”
A recent bill sponsored by state Sen. Sarah Feigenholtz of Chicago and state Rep. Stephanie Kifowit of Oswego would allow the Treasury Department to return more funds through the I-Cash program and limit the amount of refunds. Increased from $2,000 to $5,000.
“It is a win-win for both parties to eliminate unnecessary red tape and obstacles so that unclaimed property can get into the hands of its rightful owners as quickly as possible,” Sen. Feigenholtz said in the release. ” he said.
Enhanced Money Match focuses on simple claims, especially cash paid to single people. This does not include claims involving multiple parties, shares of stocks or bonds, escrow accounts, or the contents of bank safe deposit boxes.
“Many families are living paycheck to paycheck and paying their bills,” Rep. Kifowit said in a statement. “With the holidays approaching, families who receive money from I-Cash can make a difference, whether it’s a great meal, a special gift for a child, or a little holiday celebration. It’s the least we can do to help Illinois families.”
The Enhanced Money Match program is part of the Treasurer’s Unclaimed Wealth Initiative, also known as I-CASH. Illinois currently has more than $5 billion in unclaimed property, and more than $2 billion has been returned since Frerichs took office, the highest amount in state history.
State treasurers are legally required to return unclaimed property to their rightful owners or heirs, no matter how long it takes.
To check your unclaimed property, visit illinoistreasurer.gov/ICASH.
