Elderwerks Senior Resource Directory 2025/2026

ILLINOIS STATE TREASURER’S iCASH PROGRAM

ILLINOIS STATE TREASURER’S iCASH PROGRAM

The State Treasurer is holding 2.9 billion dollars in unclaimed funds for Illinoisans. The State holds these lost funds until they are claimed by either the original owner or their heirs. Property is returned at no cost with the proper identification. What is Unclaimed Property? Unclaimed Property is unclaimed or abandoned intangible property. It represents a certain obligation a company is holding for another person or business. It includes checking and saving accounts, certificates of deposit, over payments, insurance checks, payroll checks, utility refunds, money orders, un-cashed checks, dividends, stocks, bonds, contents of safe deposit boxes and more. How does property become unclaimed or abandoned and how can I prevent that from happening to me? Generally, if the property in question has not had any activity within a certain period of time, e.g., three years for most properties, and the holder is unable to locate the property owner, it is considered abandoned and must be reported to the Unclaimed Property Division of the State Treasurer’s Office. To prevent your accounts from being unclaimed or abandoned, keep accounts active and make sure that you make a deposit or withdrawal, update you contact information, or contact your financial institution at least every year. If I find property on your website, why won’t you tell me the specific value of the property over the telephone? We take our obligation to safeguard your personal information very seriously. Due to concerns for your privacy, we do not release specific information regarding your property until a claim form has been received or we have received another form of written communication from you. General

Why has there been more money returned? One reason for the increase in the amount of money and number of people owed unclaimed property has been the demutualization of several large life insurance companies - including Prudential, John Hancock and Metlife - that have paid out policyholders in cash or common stock. In the 1940s and 50s, many low- and moderate income Illinoisans bought inexpensive life insurance policies from door-to-door salesmen, never realizing that doing so made them shareholders of the company. In many cases, policy owners have been difficult to track down and the funds have ended up as unclaimed property. Now, decades later, they and their heirs can claim the residual value. Does the State ever take ownership of unclaimed property? No. The State of Illinois serves as a custodian of the assets and never takes ownership of them. Generations from now, a family member could claim your property with the right paperwork. What attempts does your office make to find owners? Twice each year the Treasurer’s office publishes all new names added to the Unclaimed Property list with property either in excess of $100 or in the form of stock/mutual funds shares, or safe keeping contents. Our website is frequently updated with the names of new owners at the same time removing the names of those individuals who are in the process of claiming their assets. Outreach events are held across the state on a continual basis in an effort to locate owners. We also have recently started a new initiative where we contact unclaimed property owners directly via U.S. mail and attempt to initiate a claim for them.

Do you auction off unclaimed property?

Yes. Each year, the Treasurer’s Office receives the contents of safe deposit boxes that have been inactive for five years. The names of the owners of the safe deposit box contents are published beforehand. If the owners or their heirs do not come forward to claim the contents, we may sell the items and hold the proceeds for the rightful owner. Auction items include jewelry, coins, stamps and other collectibles. Are there any items you do not sell at auction? Medals earned in military service and combat are not sold at auction. We seek to return these items to a rightful owner or heir. To display our medals and informational materials at your functions, please Contact Us. How long does it take to process a claim? All new claims and re-reviews are processed based on the date received at our office. The first review of any claim paperwork may take up to 90 days of receipt dependent on incoming volume of claims. Each claim is different and depending on the documentation needed can take longer. We strive to respond to each claim as promptly as possible.

HELPFUL INFORMATION

https://icash.illinoistreasurer.gov/

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