New and improved State process helps Illinoisans find unclaimed money

There are more than 400,000 properties worth over $1,000 is waiting to be claimed by rightful owners from every county in the State of Illinois. One in four Illinois adults who searches the State Treasurer’s I-Cash database finds property to claim. Unclaimed property is usually in the form of old bank accounts, insurance policies, or even paychecks. Illinois State Treasurer Michael Frerichs tells WGIL that the state has issued hundreds of millions of dollars in unclaimed money to Illinoisans. “We discovered over half a billion dollars that life insurance companies were sitting on, that their policy-holders had paid for and had passed away, but their loved ones had never received that money,” Frerichs said. “Some people will take out policies when their children are young – and they don’t expect to pass away – but sometimes they do. (So) we’re fighting life insurance companies to get what’s promised to them.” Nearly three billion dollars in unclaimed funds is currently being held by the State, according to Frerichs. To search for funds you may be owed, visit www.icash.illinoistreasurer.gov.