In what amounts to a windfall for some Illinois residents, the state's Unclaimed Property program is sending out checks totaling $13.2 million. According to a statement obtained by NBC Chicago, Illinois State Treasurer Michael Frerichs claims that nearly 140,000 individuals will be the beneficiaries of this "record-setting" distribution, which forms part of the state's Enhanced Money Match program. The majority of these ample checks are set to be between $50 and $100, putting a modest yet significant sum back into residents' pockets during challenging economic times.
Treasurer Frerichs stressed the ease of the process, stating "All they have to do is cash the check." In a time marked by inflation and rising costs, he commented on the program's timely nature, as reported by NBC Chicago, "Returning this money to its rightful owners will help make life a little bit easier for people," Treasurer Frerichs said in the statement. "At a time when we are all dealing with higher prices, it can pay for a couple bags of groceries or maybe a fill-up or two at the pump." The aim is not just to give back, but to alleviate some of the everyday financial pressures felt across the state.
The process works by cross-matching state data with the State Treasurer's unclaimed property database. Eligible residents soon after will receive letters detailing the amount and source of the unclaimed money they're owed. Following a final review, the state issues a check that recipients need only to look out for in the mail and subsequently deposit. The Enhanced Money Match program primarily targets cash owed to a single person and does not encompass jointly held funds or more complex assets such as shares of stocks, or the contents of bank safe deposit boxes, as clarified by The Intelligencer.
The Illinois Treasurer’s Office has been notably successful with their Enhanced Money Match program, having returned more than $102 million to nearly 422,000 people since 2018. Treasurer Frerichs conveyed in the statement, "Don’t forget to deposit or cash the check." This round of Money Match is hailed as the largest ever executed in the nation, setting an impressive benchmark for other states to perhaps follow. Those curious to know if they have unclaimed property in their name can check the I-Cash database at the Illinois treasurer’s website, a recommended step for all residents, given the office's track record of returning over $2 billion in unclaimed assets since Frerichs took office.
