With National Unclaimed Property Day on the horizon, Illinois State Treasurer Michael Frerichs is making a call to residents to search the I-CASH database for potential unclaimed funds. According to an announcement provided by the Illinois State Treasurer's Office, individuals should make a habit of checking the I-CASH website regularly, not just on the commemorative day set for February 1. Frerichs emphasized the benefit of returning funds to their rightful owners, highlighting the boost it can give to the state's economy.
Treasurer Frerichs stated, "Putting money back in your warm hands is better than keeping it in our cold bank vaults." Unclaimed property often consists of forgotten items like uncashed rebate or vendor checks, dormant accounts, and abandoned safe deposit boxes, which eventually are turned over to the state when owners cannot be located. Under Frerichs' tenure, the Illinois Treasury has seen record numbers of claims processed and amounts returned to individuals and families.
A recent success story involves a resident named Susan from Shelby County who recovered $452.50 of her own money after an unfortunate incident with a compromised debit card and it turned into an untraceable digital wallet account. As she told the Illinois State Treasurer's Office, "The Treasurer's Office does great work," and lauded the swift turnaround time that saw her money returned just before Christmas.
The efforts of Treasurer Frerichs and his team have not gone unnoticed. During 2024, nearly $299 million was returned through I-CASH, setting an impressive state record. Moreover, there's an ongoing initiative, the Enhanced Money Match program, which proactively sends checks to citizens without the need for a claim to be filed. Initiatives to expand accessibility include the launch of a Spanish-language I-CASH website and a 'share' feature that allows people to easily notify friends and relatives of discovered unclaimed property in their names.
The role of the Illinois Treasurer extends beyond unclaimed property management, as the office handles significant financial aspects for the state, directing investments towards education, retirement savings, and aiding local governments and businesses. The office's investments and lending programs aim to bolster economic development and community strength across Illinois. Illinois residents are encouraged to follow Treasurer Frerichs on various social media platforms and the State Treasurer’s Office newsletter for ongoing updates and financial insights.
