The Illinois Treasurer's office has returned over $2 billion to people across the state since 2015.

SPRINGFIELD, Ill. (WAND) — The Illinois Treasurer's office has returned over $2 billion to people across the state since 2015. Michael Frerichs told reporters in Chicago Thursday that he will continue to fight to return unclaimed property and help people have more money in their pocket.

Frerichs explained he quickly learned about the state's unclaimed property when he became treasurer. The Democrat said he told people that he wanted to return the money to them, but many stressed that the process would be too much of a hassle.

"Well, this is money that belongs to the people of the state of Illinois," Frerichs said. "The state shouldn't be holding onto it. We should make sure that it goes to the right person, but we shouldn't make it too difficult."

More than 1.7 million people across the state have received their unclaimed property through the I-CASH program. Frerichs and state lawmakers said that is thanks to the electronic claims process and legislation that took on life insurance companies.

"$2 billion has been returned to, and I want to emphasize this, widows, widowers and orphans," said Sen. Robert Martwick (D-Chicago). "It was money that was intended for them. It was money that was created through sacrifice and suffering." 

Frerichs

Treasurer Michael Frerichs (D-Illinois) speaks alongside Sen. Robert Martwick (D-Chicago) and Sen. Mary Edly-Allen (D-Libertyville). 

The treasurer reached the $2 billion mark by returning $500,000 to a Lake County veteran last month. Frerichs and Sen. Mary Edly-Allen said this man never knew that his wife took out a life insurance policy with a former employer.

"We're really fortunate to have this program in Illinois," Edly-Allen said. "However, far too often, constituents do not take advantage due to fear of fraudulency, which is why I encourage everyone to look up the program themselves. Do your own research."

Frerichs said everyone in Illinois should check the I-CASH website twice a year to see if there is money waiting for you. You can go to icash.illinoistreasurer.gov to start searching for unclaimed property. 

Copyright 2024. WAND TV. All rights reserved.