SPRINGFIELD — A statewide digital media, newspaper and direct mail push is underway to reunite residents with more than $2 billion in unclaimed property, Illinois State Treasurer Michael Frerichs today.
Frerichs drew attention to the advertising blitz to reassure residents that the unclaimed property effort is legitimate and not an elaborate hoax. The treasurer’s office never charges a fee to search for, and return, unclaimed property.
“For most people, it is difficult to believe that they might have overlooked an investment account or forgot to pick up a final paycheck. However, the thousands of names in our database shows that it happens too often,” Frerichs said. “This money and property belongs to the residents of Illinois. It should be in their possession rather than the state’s safe.” The treasurer’s office is the custodian of unclaimed property including lost bank accounts, insurance policy proceeds, and unpaid rebate cards. Items are surrendered after private entities were unsuccessful for three years in locating the owners. Once surrendered, the treasurer’s office uses direct mail, telephone calls, digital media, social media and public events to locate individuals. State law requires newspaper advertising to occur in every county twice each year.
Because thousands of items are surrendered annually, residents should check the unclaimed property unclaimed property.
The Illinois Treasurer The Illinois Treasurer is the state’s chief investment officer and Frerichs is a Certified Public Finance Officer. He protects consumers by encouraging savings plans for college or trade school, increasing financial education among all ages, and removing barriers to a secure retirement. As the state’s Chief Investment Officer, he actively manages approximately $25 billion. The portfolio includes $13 billion in state funds, $7 billion in college savings plans and $5 billion on behalf of local and state governments. The investment approach is cautious to ensure the preservation of capital and returns $28 to the state for every $1 spent in operations. The Treasurer’s Office predates Illinois incorporation in 1818. Voters in 1848 chose to make it an elected office.
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