I-Cash program breaking records
A record-breaking $159 million in forgotten cash and stock was returned to individuals, employers, and non-profits by the state treasurer’s office this past fiscal year, Illinois Treasurer Michael Frerichs said today. It is the largest amount in the program’s history and exceeds last year’s total by about $4 million.
More than 58,000 claims were fulfilled with an average value of $2,744. This was accomplished despite the budget impasse because unclaimed property money is held forever and is completely separate from the funds used to pay state bills. The state’s fiscal year is July 1 to June 30.
In Illinois, the state treasurer is tasked with safeguarding unclaimed property, such as unpaid life insurance benefits, forgotten bank accounts and unused rebate cards. Illinois holds more than $2 billion in unclaimed property. Individuals can search a database for their name or the name of their business or non?profit at www.illinoistreasurer.gov/ICASH.