SPRINGFIELD — Claiming your unclaimed property is now easier and faster thanks to a new process announced today by Illinois State Treasurer Michael Frerichs.
“We are excited to let the public know that claiming cash and property that belongs to them will be a much simpler, faster process,” Frerichs said. “Our process always is free, safe and secure.
And after listening to feedback from the public, it is now also quicker.”
There are two new ways to claim your unclaimed property.
E-Claiming allows the public to upload necessary claim information in an electronic format on the Treasurer’s Office website, which is safe and secure. Once the documentation is uploaded in real-time, it is transferred to a database, saving the public weeks of processing time.
Fast Track allows quick approval and payment for simple, lower dollar amount claims. The automated review process compares the information submitted by the claimant to the information reported on the property, which could include social security numbers, past and current addresses, and past and current names.
Claims that involve estates, heirs and/or deceased relatives often are more complex and likely would not be eligible for eClaim or Fast Track.
“We have more than 2.9 billion in unclaimed property to return to Illinois residents, and we hope the new changes to the claims process will encourage more people to visit
The Illinois treasurer’s office is the custodian of unclaimed property including lost bank accounts, insurance policy proceeds, and forgotten safe deposit boxes. Items are surrendered after private entities tried for at least five years to locate the owners. Because thousands of items are surrendered each year, residents should check I-Cash every six months. The treasurer’s office never charges to search for, or return, unclaimed property.
About 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.