Illinois State Treasurer Michael Frerichs announced this week that his office had returned $22 million to nearly 19,000 people in the month of January through I-CASH, the state’s missing money program.
Billions of dollars in unclaimed money are retained by the Illinois State Treasurer’s office. 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. By state law, the treasurer is required to return unclaimed property to its owners or their heirs, at no expense to the recipients, 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. For the week ending Feb. 2, the State Treasurer’s Office saw 38,389 claims initiated. For context, the office averages about 11,000 claims initiated in a week.
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.
“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.”
In 2024, the office returned nearly $300 million to more than 330,000 claimants. The average claim was $902.
“Under Treasurer Frerichs,” the treasurer’s office boasts, “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.”
Last year, the Treasurer’s Office put up a Spanish-language I-CASH website, es.icash.illinoistreasurer.gov, further improving the accessibility of services to help a larger number of residents reclaim missing money.
Another feature 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.
“Returning this money to the rightful owners is better than keeping it in our bank vaults,” said Frerichs.
“It helps our state’s economy when people have a little more money in their pockets to spend at local businesses.”
