THE FOLLOWING IS AN ILLINOIS e-NEWS RELEASE
National Unclaimed Property Day Media Blitz Results In Record 38,000 New Claims Filed
Illinois State Treasurer Michael Frerichs returned $22 million to nearly 19,000 people in January through I-CASH, the state’s missing money program.
“Returning this money to the rightful owners is better than keeping it in our bank vaults,” Frerichs said. “It helps our state’s economy when people have a little more money in their pockets to spend at local businesses.”
Companies and banks turn over uncashed rebate checks, unpaid life insurance claims, forgotten checking accounts and the contents of overlooked safe deposit boxes to the Illinois Treasurer’s Office after a few years. The state treasurer is legally required to return unclaimed property to its owners or their heirs, no matter how long it takes.
One way the office tries to return missing money is by highlighting National Unclaimed Property Day (Feb. 1) to encourage people to check the I-CASH website. Media coverage helped set a record this year. For the week ending Feb. 2, the State Treasurer’s Office saw 38,389 claims initiated — the most ever. For context, the office averages about 11,000 claims initiated in a week.
“You don’t have to wait for the next National Unclaimed Property Day to visit our I-CASH website,” Frerichs said. “It’s a good idea to check the website at least a couple of times a year to see if you, your family, or your friends have cash or property to claim.”
Under Treasurer Frerichs, the office has set records for the number of claims and dollar amounts returned. More than $2.2 billion in unclaimed property – the most in state history – has been returned to people on Treasurer Frerichs’ watch.
In 2024, the office returned nearly $300 million to more than 330,000 claimants. The average claim was $902.
Treasurer’s Office staff members attend public events to help people search their name in the I- CASH database and start to file a claim. In 2024, the office was out at nearly 1,200 events in 67 Illinois counties.
Frerichs and state lawmakers teamed up to get more money back to more people by creating the Enhanced Money Match program. It allows the State Treasurer’s Office to automatically return money to individuals without the need to file a claim.
Last year, the Treasurer’s Office put up a Spanish-language I-CASH website, es.icash.illinoistreasurer.gov, last year to make it easier for people to claim missing money.
Also added to the I-Cash website is a “share” button. People can search the name of a family member or friend, select the “share” icon and provide the person’s email address. Frerichs’ office will send an email that mentions the missing money, along with the name of the friend or relative who spotted it. Then, that person can start the process of claiming it.
About the Illinois Treasurer
The Illinois State Treasurer’s Office is a powerful economic engine that invests in people to drive prosperity, development and growth throughout the state. As State Treasurer, Michael Frerichs (FRAIR’iks) is the state’s Chief Investment and Banking Officer and actively manages approximately $60 billion. The investments help families pay for college and trade school; workers save for a dignified retirement; and local governments process bill payments more efficiently so they can pass along the savings to taxpayers. The office provides financial institutions money to loan to farmers, small business owners, and qualified individuals at below-market rates because better jobs create stronger communities. The office operates the state’s largest consumer- protection initiative, the unclaimed property I-Cash program, which has returned a record-breaking $2.2 billion since Frerichs was elected.
For more news about the State Treasurer’s Office, please follow Treasurer Frerichs on Instagram at ILTreasurer, LinkedIn and Facebook at Invested in You – Treasurer Michael Frerichs. You can find our weekly newsletter here.
