Constitution by holding private property without "just compensation," asking the court to force the state to pay interest on those funds. The plaintiffs filed the class action lawsuit in 2016, alleging the state was violating the U.S. Sign up for the weekly Chicago Catch-Up newsletter here. The unclaimed funds held by the state currently add up to an estimated $3.5 billion - with many Illinoisans unaware they're owed that money, some now with interest after Thursday's settlement.įeeling out of the loop? We'll catch you up on the Chicago news you need to know. Treasurer Mike Frerichs' office maintains a website on the funds - known as the ICash program - where Illinois residents can search their names to see if they are owed any unclaimed property, as well as submit a claim to obtain it. Since 1961, the Illinois Treasurer's Office has been tasked under state law with holding unclaimed money and property like forgotten stock dividends, rent deposits, abandoned bank accounts, uncashed checks, utility refunds and more. Judge Charles Kocoras approved the settlement agreement reached between the state of Illinois and attorneys for the plaintiffs who filed the lawsuit five years earlier to compel the state to begin paying interest on the unclaimed property in the state's possession.
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Don’t take that bait, says Frerichs: The iCash process is absolutely free – as is the claims process for every other state.A federal judge on Thursday approved a settlement which now requires the state of Illinois to pay interest on unclaimed money it holds to the residents who rightfully own and claim it. ğrerichs also warns against companies that will contact you, telling you that they’ll claim your money for a fee.NBC5 found that even the most straightforward claims took three to four months. The National Association of Unclaimed Property Administrators provides this map to find links to search tools for every state territory some Canadian provinces and the country of Kenya.
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Don’t fill in the City/Zip Code field unless you have a very common name.
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Search your name, your spouse’s name, your parents’ names, your maiden name, the names of your siblings, etc.Go to the Illinois iCash website and press the “Get Started” button.Here’s how to find out if some of that money is yours: He said he wants nothing more than to get all of that money back to its rightful owners. You or members of your family may well have money that’s just waiting for you to claim it from the offices of the Illinois State Treasurer.Īccording to Treasurer Michael Frerichs, he’s holding on to more than $2 billion in unclaimed funds – in the form of old security deposits, dusty stock certificates, forgotten insurance policies, and much more.