Illinois residents should check unclaimed property, cash, says state treasurer – NBC Chicago
Illinois Treasurer Michael Frerichs on Tuesday encouraged all residents to check out property or cash that belongs to them on National Unclaimed Property Day.
“We know that when we put money back in the hands of residents, it does more good for our economy than sitting in a bank,” Frerichs said in a statement.
Unclaimed property refers to money or accounts that have not been active for several years at financial institutions or businesses where the legal owner has not responded to prior inquiries, the Treasury office said.
Here’s how to search and claim:
To search for unclaimed property, you can enter a family name or company name here in the search field. Once all the properties you wish to claim are selected, click “Continue to File a Claim” and add your information, as well as your relationship to each property.
The Treasurer added that you may be asked to provide proof of your connection to the property in order to validate your right to claim.
If you already have a Claim ID in Illinois, click here to check its status.
For a step-by-step Treasurer’s Office tutorial, click here.
According to a statement, an estimated one in four Illinois residents find unclaimed property, with an average claim worth $1,000. Since 2015, $1.3 billion in unclaimed property has been returned to residents.
Unclaimed property is reported twice a year, the treasury office said. Thus, residents are encouraged to consult the database every six months.