Your Money
May 2019 Treasurer’s Note by Treasurer Michael Frerichs
We reached another milestone in returning forgotten money and investments to their rightful owners.
A record-breaking $200 million in forgotten cash and securities was returned to owners during the past 10 months. It is the largest amount in the unclaimed property program’s 58-year history.
Such milestones typically are recorded in July to capture the state’s entire fiscal year, which is July 1- June 30. We reached the $200 million milestone in April. That means we will shatter previous records set in fiscal years 2018, 2017, and 2016.
During this record-setting period, nearly 200,000 claims were fulfilled with an average value of $1,000. By comparison, approximately 116,000 claims were fulfilled in Fiscal Year 2018 ($180 million returned), 58,000 claims in Fiscal Year 2017 ($159 million returned), and 53,000 claims in Fiscal Year 2016 ($155 million returned).
The increases in the number of fulfilled claims is a direct result of working smarter. We leveraged technology to make it easier for individuals, businesses, and non‑profits to file a claim. Paperless claims now are used when possible and pursued by the claimant. Additionally, we convinced lawmakers to allow us to send checks directly to some qualifying individuals even if they do not initiate a claim.
Today, we have more than $3 billion in unclaimed property, such as unpaid life insurance benefits, forgotten bank accounts, and unused rebate cards. We are legally required to return the property to the rightful owners no matter how long it takes. Individuals can search our database at www.illinoistreasurer.gov/ICASH.
For nearly six decades, the state has had the responsibility to return unclaimed property. The record‑breaking results of the past few years show progress is possible when we listen to new ideas and find new ways to leverage technology. Thank you for your ideas and support.
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