In May 2007, Illinois State Treasurer State Treasurer Alexi Giannoulias announced that the state’s “Cash Dash” abandoned asset program is holding roughly $1.4 Billion in Illinois unclaimed money. The only thing standing between the cash and its rightful owners is the knowledge that it’s out there and the knowledge to track it down.
Sadly beyond just Illinois, state treasury departments across the country continue to take in more unclaimed property each year than they return to the citizens. Because everyone believes in the old “if it’s too good to be true” saying, the majority of people do not believe that there are really tens of billions of dollars waiting to be claimed across the country. Even for those few who have learned the truth about unclaimed assets, the best way to track these monies down eludes them most of the time.
The Prairie is State is one of only a few states that is holding over 1 billion dollars on its own, which means if you are a resident of Illinois then you have even greater odds of tracking down a claim in your name, especially when you consider that the state has less than 13 million people and there are more than 10 million names on the state’s Illinois database.
Although there are many more, Illinois lists the following as the most common types of missing money: abandoned savings and checking accounts, unpaid wages or commissions, stock, bonds, mutual funds, un-cashed dividends, customer deposits or overpayments, credit balances, refunds, money orders, travelers checks, paid-up life insurance policies, safe deposit box contents. People who have had or know someone who may have had one of these types of accounts at some point in the past is encouraged to search regularly.
The Illinois State Treasury has handed back over 432 million dollars since it took control of the unclaimed property program in 1999, 84 million dollars of which was returned in 2006 alone, but with $1.4 Billion waiting to be claimed and more coming in all the time, the heap of cash will continue to grow.
Because money is constantly added to the fund, it’s very important to check regularly, not just one time. Money belonging to you might be added tomorrow, or next week, or next month, or depending on the type of asset in five years if that is the proper dormancy period. Each kind of property has its own dormancy period in each state, after which state laws require the holder to hand it over to the state who will then hold on to it until the true owner steps forward to claim it.
Further, residents of Illinois may be owed unclaimed property in other states even if they’ve never resided in or even passed through them. Items like insurance overpayments when an employer uses an out of state insurance company can result in found money located in other states. Issues often also arise when corporations are incorporated in another state.
The bottom line is that the state of Illinois is currently holding a massive amount of cash that is owed to its residents who just need to learn the correct ways to search, where to search, and how often to search. Learning these search tips from experienced funds locators in this field can greatly enhance your abilities to find your money.
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