SPRINGFIELD, Ill. (WCIA) – The state treasurer is celebrating breaking records on their unclaimed property program.
Treasurer Mike Frerichs announced Monday his office handed out a record $280 million in unclaimed property for FY2022. That money came from over 362,352 claims, also a record for the program.
Frerichs attributes the record to using technology more productively and streamlining the process for smaller unclaimed properties.
“It shows that using common sense to make the unclaimed property program more efficient has achieved real results,” Frerichs said.
Unclaimed property refers to dormant accounts like forgotten bank accounts, unpaid life insurance benefits, and uncashed paychecks. Banks and other companies are required to turn over the property to the state, where they try to contact the owner or their heir.
Frerichs said he encourages people to check his website every 6 months to see if the state is holding onto their unclaimed property.