Do you have lingering suspicion that you may be missing something, like an old bank account or uncollected security deposits, long forgotten or abandoned? You’re not alone. Reports from multiple government agencies indicate that as much as $16 billion is waiting for its rightful owners.
In Illinois, WGN TV recently highlighted that $200 million in claims was paid out during the state’s 2019 fiscal year. Illinois has a program called I-Cash which coordinates returning the missing funds to state residents. Most I-Cash claims are about $1000, on average. For the I-Cash program, go to the Illinois State Treasurer’s website, www.illinoistreasurer.gov. Their website indicates that almost $3 billion dollars is waiting to be reclaimed by the respective account holder.
For anyone in a different state, the National Association of Unclaimed Property Administrators has resources to help make the proper fund connections happen. Unclaimed property in all 50 states and provinces can be tracked down through the organization’s website, www.Unclaimed.org.
It can take a while for the accounts or unclaimed property to reach the state treasurer’s offices. Businesses have rules that direct them to turn over the accounts, but in some cases not for up to 15 years. Once the unclaimed property is with the appropriate state program those financial assets are in the state’s custody in perpetuity until the owner or heirs come forward to take possession.
If you think you’ve got some forgotten accounts or undiscovered funds out there I wish you happy hunting through the unclaimed asset frontier. All the best for the remainder of 2019!