The Illinois treasurer's office has been working tirelessly to safeguard over $3.5 billion in unclaimed property, which typically includes bank accounts, investment products, and safe deposit box contents that have not seen any activity for three-to-five years. The office has made significant strides in recent years, fighting for reforms that require insurance companies to be more vigilant in locating life insurance beneficiaries.

One of the key initiatives is I-Cash, a consumer protection program aimed at returning unclaimed property to its rightful owners. Leveraging technology and streamlining the process has allowed the treasurer's office to nearly triple the number of processed claims annually, from 60,000 to 174,000. In fact, during the past five years, the office was able to return a staggering $1.2 billion to individuals.

The state treasurer is committed to returning unclaimed property no matter how long it takes. The I-Cash program safeguards forgotten bank accounts, unused rebate cards, and unpaid life insurance benefits until they can be returned to their owners.

In recent years, the office has achieved remarkable success in returning lost and misplaced money to its rightful owners. Despite an economy struggling under the weight of a global pandemic, the office successfully returned $226 million to an estimated 174,000 people last year alone.

As Illinois State Treasurer Michael Frerichs noted, 'We are committed to making it quicker, easier, and more efficient for individuals to access their unclaimed property. We will continue to work tirelessly to ensure that all eligible individuals receive the funds they are owed.

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