SPRINGFIELD, Ill. (WMBD) — Thousands of Illinois residents can expect some cash back from Illinois’ Unclaimed Property program.
According to Illinois State Treasurer Michael Frerichs, about 66,700 Illinoisans can expect a letter to receive up to $5,000. The money is part of the Money Match program, which is part of the Unclaimed Property program.
The estimated $47 million being sent out is from the contents of overlooked safe deposit boxes, unpaid life insurance benefits, forgotten bank accounts and unused rebate cards.
The State Treasurer legally must return the unclaimed property to its owners or heirs.
Frerichs worked with the General Assembly to enhance the Money Match program to make it easier to return money to individuals, and to raise the cap on automatic payments to $5,000 from $2,000.
“How can we make life a little bit better and a little bit easier for our residents is the driving force behind all of our programs,” Frerichs said. “Putting money in people’s pockets, so they can decide how best to spend it simply makes a lot of sense and is the right thing to do.”
The program uses data collected by the state and matches it with the treasurer’s unclaimed property database. After receiving the initial letter, those owed money will have to complete an additional security step, and then a check will be sent in the mail.
You can check to see if you have unclaimed property here.
