Capitol Fax.com - Your Illinois News Radar » Treasurer returned $1 billion in unclaimed property over past five years
SUBSCRIBE to Capitol Fax      Advertise Here      Mobile Version     Exclusive Subscriber Content     Updated Posts    Contact
CapitolFax.com
To subscribe to Capitol Fax, click here.
Treasurer returned $1 billion in unclaimed property over past five years

Wednesday, Aug 5, 2020

* I checked and the amount of unclaimed property returned by the treasurer’s office during the previous five years was $700 million. So, this is a significant increase…

A record-shattering $1 billion in unclaimed property has been returned to Illinoisans and their families in the past five years, Illinois State Treasurer Michael Frerichs said today.

It is the most that has been returned in any five-year period in the program’s 58-year history.

“Government needs to work smarter. The numbers show our improvements to the unclaimed property program created a faster, better, and more efficient service,” Frerichs said.

Unclaimed property refers to property or accounts within financial institutions or companies in which there typically has been no activity for several years. In Illinois, the state treasurer is tasked with safeguarding unclaimed property, such as unpaid life insurance benefits, forgotten bank accounts and unused rebate cards. The state treasurer is legally required to return the property to the rightful owners no matter how long it takes.

Frerichs inherited a cumbersome, paper-driven system upon becoming treasurer in 2015. The $1 billion milestone was possible because Frerichs prioritized changes in technology, efficiency and state law to streamline the unclaimed property process, which also is known as I Cash. Key to these enhancements was securing bi-partisan support to change state law. This included enacting Money Match, which allows the automatic processing of one-owner claims of up to $2,000 when records confirm the claimant’s identity and connection to the property.

“While $1 billion is a significant achievement that only could be obtained by working collaboratively with our staff and state lawmakers, it is the stories behind the unclaimed property that I find most memorable,” Frerichs said.

    • A Chicago-area woman adopted two children after their family perished in an auto accident. Years later, the state treasurer’s office obtained more than one hundred thousand dollars for the woman after auditors discovered an unpaid life insurance policy.

    • A Chicago man, World War II Army veteran and life-long bachelor left nearly $2 million to several Chicago-area philanthropies. These monies were from an investment account that languished because the decorated soldier’s surviving family members passed away before he did.

    • The Carver Community Center in Peoria received $19,000 from The (Richard) Pryor Foundation. The legendary comic is a Peoria native who spent time at the Carver Center as a youth.

    • Orphans of the Storm animal shelter in Riverwoods received $19,000, nearly all of it from the life insurance policy of a Rolling Meadows woman who worked as a secretary at Ford Motor Company.

    • Monument of Faith Evangelistic Church in Chicago received $38,000 from a church member’s life insurance policy.

An estimated one-in-four people in Illinois have unclaimed property. Currently, there is more than $3.5 billion in the unclaimed property fund. Individuals can search the state treasurer’s database for their name or the name of their business or non profit atwww.illinoistreasurer.gov/ICASH. Because unclaimed property is surrendered to the treasurer’s office twice each year, it is recommended individuals check the database twice each year; for example, on a birthday and six months later.

The guy takes this program seriously.

- Posted by Rich Miller        

19 Comments
  1. - flea - Wednesday, Aug 5, 20 @ 11:29 am:

    Treasurer Frerichs is the real deal.


  2. - Excitable Boy - Wednesday, Aug 5, 20 @ 11:31 am:

    - The guy takes this program seriously. -

    And he’s not just using it for press pops like Rutherford. Good work.


  3. - bowwow - Wednesday, Aug 5, 20 @ 11:38 am:

    My Dad passed away years ago. The agency said he had a small sum of unclaimed property. Process to get the money would have cost the heirs money for an attorney so we said forget it.


  4. - Squints - Wednesday, Aug 5, 20 @ 11:39 am:

    He really stands Tall for Illinois.


  5. - Oswego Willy - Wednesday, Aug 5, 20 @ 11:39 am:

    If you want a new job, do your current job best.

    Doing good governing makes for good politics.


  6. - Candy Dogood - Wednesday, Aug 5, 20 @ 11:53 am:

    No bar is too high for Treasurer Frerichs. No goal is out of reach.

    ===an unpaid life insurance policy.===

    It’s been a few years, but another hat tip is owed for our elected officials enacting legislation that requires life insurance policy issuers to actively seek out beneficiaries. That’s much better than when the Treasurer’s FAQs office used to tell people to hire a fee based service to look for policies that may have been in their loved one’s name.


  7. - NIU Grad - Wednesday, Aug 5, 20 @ 11:54 am:

    Remember when Rutherford was citing his press pops for this program as one of the top reasons that he should be Governor? Good times.


  8. - Lester Holt’s Mustache - Wednesday, Aug 5, 20 @ 12:13 pm:

    The wife and I got letters last week from Frerichs’ office, claiming that we both have unclaimed property on file (less than $150 value). Neither of us have any idea what it could possibly be, but we were happy they took the trouble to contact us about it. With the value being that low, I’m surprised they even bothered.


  9. - 1st Ward - Wednesday, Aug 5, 20 @ 12:35 pm:

    Comcast owes me $12 from my college days I learned a few weeks back browsing the treasurers site.


  10. - West Side Don - Wednesday, Aug 5, 20 @ 12:38 pm:

    Frerichs is a breath of fresh air of reasonableness, tact, and attention to detail In today’s era of bluster and social media culture wars


  11. - North Shore Joe - Wednesday, Aug 5, 20 @ 12:39 pm:

    Frerichs playing the long game, above-board version of Willie Wilson cash hand outs.


  12. - RNUG - Wednesday, Aug 5, 20 @ 1:00 pm:

    Frerichs has done a good job with the ptogram. It’s much easier to find stuff now.

    I suspect some of that money will never be claimed. I noticed a couple of years ago my out of state brother-in-law had maybe $50 waiting to be claimed. I told him about it; he looked and said it wasn’t worth doing the paperwork to claim it.


  13. - No Longer A Lurker - Wednesday, Aug 5, 20 @ 1:20 pm:

    Yep, he takes it seriously. However the hoops to get unclaimed property is a bit much. I guess that’s for everyone’s protection which is a good thing. I’ve filed paperwork twice now to get a small sum. My father passed 7 years ago and it might take me 7 years to get the money. LOL


  14. - Interim Retiree - Wednesday, Aug 5, 20 @ 1:50 pm:

    Much easier in Illinois than Wisconsin. My father’s siblings passed away & there is (very) little money “available” for him as an heir in the Badger state; however, the hoops are crazy for a paltry sum. Small amount in Illinois was returned comparatively w/ease.


  15. - thechampaignlife - Wednesday, Aug 5, 20 @ 2:37 pm:

    There are some interesting stats about I Cash at https://stories.opengov.com/illinoistreasurer/published/-T2k09NTO. It looks like there was a huge spike in unclaimed properties received by the state in 2018 and claims paid out jumped 50% last year. I am curious if the total value held by the state is trending up or down.


  16. - Joe Bidenopolous - Wednesday, Aug 5, 20 @ 4:26 pm:

    How do y’all see the exact amounts? Whenever I look, it just says ‘under $100′ or ‘over $100″

    There are multiple items in there for my parents, who are both deceased. Maybe 5 total, all under $100. Have to get death certificates and all that…not Wirth the hassle


  17. - Commisar Gritty - Wednesday, Aug 5, 20 @ 5:50 pm:

    Shoutouts to Jim Wozny in the Chi office for his fantastic help to the legislative offices who reach out to constituents to let them know about bigger claims.


  18. - Stuff Happens - Wednesday, Aug 5, 20 @ 8:21 pm:

    Mine was supposedly returned too. It just ‘disappeared’ after I claimed it and never got here. Nobody knows where it went.

    So I wonder what ‘returned’ means in that statistic — returned to whom?


  19. - Still waiting - Thursday, Aug 6, 20 @ 8:51 am:

    Maybe he should put as much effort into paying state income tax refunds which is claimed property…been waiting for several months.


TrackBack URI

Sorry, comments for this post are now closed.


* Reader comments closed for the weekend
* Chairman Welch sends letters to potential witnesses, sets hearing date for September 29
* *** UPDATED x1 *** SUBSCRIBERS ONLY: Update to today's edition
* Today's must-read
* Rate the new Dani Brzozowski TV ad
* *** UPDATED x1 *** Governor's office flatly denies CBS 2 rumor about high school sports
* Illinois has 8th worst unemployment recovery year over year, 6th worst recovery since January, 9th highest unemployment rate
* 2,120 new cases, 20 additional deaths, 1,481 people hospitalizations, 3.6 percent positivity rate, 24 counties reach warning level, Will/Kankakee off mitigation
* Open thread
* House investigative committee coverage roundup
* Question of the day
* Hang in there, Maggie!
* Pritzker to sit down with stakeholders after uproar over cannabis lottery process
* Rep. Mason claims she received a "rather threatening note" on her car
* Federal judge rules against Cook County GOP lawsuit to block new vote by mail program
* SUBSCRIBERS ONLY - Supplement to today's edition and some campaign updates
* SUBSCRIBERS ONLY - Today's edition of Capitol Fax (use all CAPS in password)
* *** LIVE COVERAGE ***
* Yesterday's stories

Support CapitolFax.com
Visit our advertisers...

...............

...............

...............


Loading


Main Menu
Home
Illinois
YouTube
Pundit rankings
Obama
Subscriber Content
Durbin
Burris
Blagojevich Trial
Advertising
Updated Posts
Polls

Archives
September 2020
August 2020
July 2020
June 2020
May 2020
April 2020
March 2020
February 2020
January 2020
December 2019
November 2019
October 2019
September 2019
August 2019
July 2019
June 2019
May 2019
April 2019
March 2019
February 2019
January 2019
December 2018
November 2018
October 2018
September 2018
August 2018
July 2018
June 2018
May 2018
April 2018
March 2018
February 2018
January 2018
December 2017
November 2017
October 2017
September 2017
August 2017
July 2017
June 2017
May 2017
April 2017
March 2017
February 2017
January 2017
December 2016
November 2016
October 2016
September 2016
August 2016
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016
December 2015
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010
February 2010
January 2010
December 2009
November 2009
October 2009
September 2009
August 2009
July 2009
June 2009
May 2009
April 2009
March 2009
February 2009
January 2009
December 2008
November 2008
October 2008
September 2008
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
June 2007
May 2007
April 2007
March 2007
February 2007
January 2007
December 2006
November 2006
October 2006
September 2006
August 2006
July 2006
June 2006
May 2006
April 2006
March 2006
February 2006
January 2006
December 2005
April 2005
March 2005
February 2005
January 2005
December 2004
November 2004
October 2004

Blog*Spot Archives
November 2005
October 2005
September 2005
August 2005
July 2005
June 2005
May 2005

Syndication

RSS Feed 2.0
Comments RSS 2.0
WordPress




Hosted by MCS SUBSCRIBE to Capitol Fax Advertise Here Mobile Version Contact Rich Miller