Billions held by state treasurer waiting to be claimed
Residents owed $2.9B in unclaimed funds, Treasurer Michael Frerichs says
The state treasurer is holding $2.9 billion in unclaimed funds that officials hope local residents will try to claim in 2020.
Last month, Illinois Treasurer Michael Frerichs, who oversees the state's unclaimed property program, recently announced the return of nearly $40,000 to the Salvation Army in Chicago. The proceeds were turned over to state from the estate of Ernest Ulrich, who named the non-profit as a beneficiary. Ulrich passed away in 1999.
The state holds lost or unclaimed funds until they are claimed by either the original owner or their heirs. Property is returned at no cost with the proper identification.
Common types of unclaimed property include checking and savings accounts; uncashed wage and payroll checks; uncashed stock dividends and stock certificates; insurance payments; utility deposits; customer deposits; accounts payable; credit balances; refund checks; money orders; traveler's checks; court deposits; uncashed death benefit checks; and life insurance proceeds. Unclaimed property does not include real estate or vehicles.
Now, Frerichs said, "is a perfect time to make a list and check it twice to see if you have unclaimed cash or property. We have more than $3 billion waiting to be claimed."
The Salvation Army is one of thousands of examples of the Illinois treasurer's office returning unclaimed cash and property to its rightful owners. In fiscal year 2019, which ended June 30, 2019, the treasurer's office processed about 236,000 claims worth more than $239 million.
By comparison, approximately 116,000 claims were processed in fiscal year 2018 and $180 million was returned; in fiscal year 2017, about 58,000 claims were processed and $159 million was returned; and in fiscal year 2016, roughly 53,000 claims were processed and $155 million was returned.
The state treasurer is legally required to return the property to the rightful owners no matter how long it takes. Individuals can search the state treasurer's database for their name or the name of their business or non%u2011profit at www.illinoistreasurer.gov/ICASH.
Because the treasurer's office accepts unclaimed property twice each year, Frerichs encourages individuals to search the database every six months.
CONTACT: austintalks.org@gmail.com
Love the News?
Become our partner in independent community journalism
Thanks for turning to Austin Weekly News and AustinWeeklyNews.com. We love our thousands of digital-only readers. Now though we're asking you to partner up in paying for our reporters and photographers who report this news. It had to happen, right?
On the plus side, we're giving you a simple way, and a better reason, to join in. We're now a non-profit -- Growing Community Media -- so your donation is tax deductible. And signing up for a monthly donation, or making a one-time donation, is fast and easy.
No threats from us. The news will be here. No paywalls or article countdowns. We're counting on an exquisite mix of civic enlightenment and mild shaming. Sort of like public radio.
Claim your bragging rights. Become a digital member.
Reader Comments
No Comments - Add Your Comment
Note: This page requires you to login with Facebook to comment.
Facebook Connect
Answer Book 2019
To view the full print edition of the Austin Weekly News 2019 Answer Book, please click here. |
Quick Links
Sign-up to get the latest news updates for Austin and Garfield Park. | |
![]() ![]() ![]() ![]() | |
Advertise | Classified |
Multimedia | Contact us |
Submit Letter To The Editor | |
Place a Classified Ad |
Latest Comments
As Historical society member and Chicago Treestorian...
By Scott Ericksen
Posted: December 12th, 2020 3:06 AM
Natural herbal formula we ordered from AKANNI HERBAL...
By Anganathi Silwana
Posted: November 14th, 2020 9:54 AM
6700 West North Ave Chicago is this development going...
By Ken Schemmel
Posted: November 12th, 2020 8:51 PM
La casa Montessori moved to 608 Harrison St. Oak Park...
By Saul Soberanes
Posted: October 24th, 2020 12:10 PM
I am absolutely blown away by the service at Gala-Tec!...
By Andrea Sansone Smolek
Posted: October 23rd, 2020 2:44 PM
On: Gala-Tec
PD natural herbal formula we ordered from AKANNI...
By Bongani Moses
Posted: October 12th, 2020 7:07 PM
The problem is illegal immigration and employers, like...
By Coetta Wilson
Posted: October 10th, 2020 5:50 PM
This is a testimony this year 2020. on the 2nd month...
By Eruel Balanquit
Posted: October 6th, 2020 1:59 PM
This is a testimony this year 2020. on the 2nd month...
By Eruel Balanquit
Posted: October 5th, 2020 6:34 PM
My husband was diagnosed of Parkinsons disease 2 years...
By Susan Thomson
Posted: October 3rd, 2020 10:21 PM