Illinois Residents Reclaim Record $301 Million in Unclaimed Property

State treasurer's enhanced money match program boosts return of unclaimed assets

Photo byAlexander MilsonUnsplash

ILLINOIS – Illinois residents recovered an unprecedented $301 million in unclaimed property during Fiscal Year 2024, as announced by Illinois State Treasurer Michael Frerichs on Monday. The record-breaking amount was largely attributed to the state's I-CASH program, which successfully returned assets to 321,558 individuals or their heirs.

The I-CASH program facilitated the recovery of various unclaimed properties, including forgotten bank accounts, unpaid life insurance benefits, contents of abandoned safe deposit boxes, and unused rebate cards. According to Frerichs, the remarkable success of the program can be credited to the Enhanced Money Match initiative, which significantly streamlines the process for residents to reclaim their assets.

The Enhanced Money Match program allows the Treasurer’s Office to automatically return up to $5,000 to the rightful owners or their heirs without requiring them to file a claim. This is accomplished by leveraging existing state data, which is cross-referenced with the Treasurer’s unclaimed property database. When a match between a name and mailing address is confirmed, the property owner receives a notification from the Treasurer’s Office detailing the amount and origin of the unclaimed funds.

Following a final security check, a check is then issued to the identified owner, completing the process without the need for further action by the individual.

For residents interested in determining whether they have unclaimed property, the Illinois Treasurer's Office offers an online search tool through its I-CASH database. Further details about unclaimed property in Illinois can be accessed via the Treasurer’s official website.