There's been a significant economic contribution to Illinois residents from the state's I-CASH program, according to recent reports. The program, designed to reunite people with their lost or forgotten assets, has seen a substantial $22 million returned to nearly 19,000 residents just in January, as stated by the Illinois Treasurer's Office. This money, ranging from uncashed rebate checks to the contents of safe deposit boxes, is legally earmarked to be returned to its owners or heirs, regardless of the passage of time.
With the help of media coverage and a push during National Unclaimed Property Day, the Treasurer's Office expressed that an all-time high was reached with 38,389 claims initiated in the week ending Feb. 2, which is a stark contrast to the weekly average of about 11,000 claims. "Returning this money to the rightful owners is better than keeping it in our bank vaults," Illinois State Treasurer Michael Frerichs said, apparently boosting the local economy by putting more money in consumers' pockets, as noted in a statement obtained by Illinois.gov.
The I-CASH initiative, which Illinois Treasurer Michael Frerichs oversees, had a record-breaking run with more than $2.2 billion in unclaimed property returned since his election. In 2024, almost $300 million went back into the hands of more than 330,000 claimants, showing a concerted effort by the office to attend nearly 1,200 events in 67 counties, helping residents check for unclaimed funds and file claims. Moreover, to simplify and accelerate the process, the Enhanced Money Match program was set up to issue returns automatically without the need to manually file a claim.
Last year, welcoming wider accessibility, a Spanish-language I-CASH website was introduced. According to reports by the Illinois Treasurer's Office, the new website assists Spanish-speaking residents in claiming what's theirs. Meanwhile, new features on the I-CASH website, like the "share" button, empower individuals to search for and notify friends or family members about unclaimed money waiting for them.
The State Treasurer's Office plays a vital role as an economic engine for Illinois, managing approximately $60 billion and investing in initiatives that drive prosperity, development, and growth across the state. As the Chief Investment and Banking Officer, Michael Frerichs' remit spans providing below-market rate loans, aiding in savings for college and retirement, and improving the efficiency of local government financial transactions. For more on the State Treasurer's activities, follow-ups can be found on Michael Frerichs' Instagram, LinkedIn, and Facebook pages, as well as through the office's weekly newsletter.
