SPRINGFIELD, Ill. (WAND) - In May, Illinois' unclaimed property program paid its 1 millionth claim since 2015, officials announced.
Putting this milestone into perspective, the state paid only 500,000 claims between 2003 and 2014. Michael Frerichs became state treasurer in 2015.
Illinois went through a complete restructuring of the unclaimed property process, which Frerich's office credited for the dramatic increase in claims paid. This involved adding electronic claims, taking away red tape that slowed small-money claims, and leveraging technology to allow payments to be made without a claim ever needing to be filed.
“This milestone was achieved because we reimagined the office and used common sense to make it more efficient,” Frerichs said. “As a result, we have returned a record-shattering $1.4 billion to Illinois taxpayers, who richly deserve to keep more of their own money.”
The state defines unclaimed property (or I-Cash) as money or accounts within financial institutions or companies in which there hasn't been activity for several years. It includes forgotten bank accounts, unpaid life insurance benefits, contents of safe deposit boxes and other items.
State officials called Illinois a national leader in the unclaimed property space. They said Illinois is frequently consulted by others who want to reform unclaimed property laws, rules and procedures.
See the PDF document attached to this story for more information about the I-Cash program.
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