A record $301 million in missing funds will be refunded to Illinois residents in fiscal year 2024, Illinois State Treasurer Michael Frerichs announced Monday, citing a special program to explain the record numbers.
Through I-CASH, the government’s missing money program, 321,558 residents or their heirs received unclaimed property, such as the contents of overlooked bank safe deposit boxes, unpaid life insurance benefits, forgotten bank accounts and unused discount cards, Frerichs said in a news release.
The success was largely due to the Enhanced Money Match program, which enables the tax office to
to automatically refund money to individuals without the need to apply, a press release said. Up to $5,000 can be refunded to their rightful owners or heirs without the need to apply.
And this is how it works:
“The Enhanced Money Match program uses data that the state has already collected and matches it with the
Treasurer’s database of unclaimed property,” the office explained. “When a name and mailing address are matched, identified and verified, the owner of the unclaimed property will receive a letter from the Treasurer’s Office describing the amount and source of the funds.”
After completion of an unspecified additional security check, a check will be issued to the owner.
Want to see if you have unclaimed property?
Individuals wishing to check whether they have unclaimed property can conduct a search of the Treasury iCash database here.
For more information on unclaimed property in Illinois, click here.
