Almost 140,000 Illinois residents might want to keep a keen eye on their mailboxes, as State Treasurer Michael Frerichs announced a cash influx via the Enhanced Money Match program returning nearly $13.2 million in unclaimed property, according to a press release from the Illinois Treasurer's Office. As part of this effort, the Treasurer's Office is utilizing a system where they can automatically issue checks to rightful owners without requiring a claim to be filed, demonstrating yet another way technology makes red tape a little less sticky.
Frerichs explained the benefit this round of disbursements could bring, especially considering current economic strains, “Returning this money to its rightful owners will help make life a little bit easier for people,” and with most checks ranging from $50 to $100, Frerichs pointed out it’s enough to cover “a couple bags of groceries or maybe a fill-up or two at the pump” as stated in the official announcement. This program is particularly focused on single-party cash—leaving out more complex claims such as those owned by multiple parties, stocks, bonds, and safe deposit box contents, the process crossmatches state-collected data with the State Treasurer's unclaimed property database to ensure checks reach the right hands.
It’s not just pocket change, as the Illinois Treasurer's Office has reportedly returned over $102 million to nearly 422,000 people through Enhanced Money Match since the program's inception in 2018, and with the intention of this being the largest Money Match to date, residents are encouraged to deposit or cash these checks when they arrive, ”Don't forget to deposit or cash the check,” Frerichs urged in a release shared by the Illinois government's official website.
Beyond the immediate cash returns, Illinois is sitting on a more substantial trove of unclaimed property, totaling over $5 billion. Since taking office, Frerichs' efforts have returned more than $2 billion to owners or their heirs, setting a record in the state for such refunds. For Illinoisans curious about whether they have unclaimed assets waiting in the wings, they can check the online database at the State Treasurer's dedicated I-CASH website for potential surprises.
