![]() The settlement agreement approved Thursday says the state will now pay that interest based on the current rate of inflation or the monthly earnings rate of the state portfolio, whichever is greater, minus a $5 administrative fee, according to Frerichs' office. 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. 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. If you, or members of your family, have ever lived or worked in another state, you should check those states’ records for even more unclaimed cash.His office suggests that you make it a habit to check for money twice a year – perhaps when you’re switching the clocks in the fall and the spring, for Daylight Savings Time. Treasurer Frerichs says he’s constantly adding new unclaimed funds to the website.We have not been able to find that document on the iCash website, however, so – if you need it – you’ll need to call the Treasurer’s office at 21. NBC5 Investigates found that the Treasurer’s office allows people to sign a waiver, attesting that they lived at an old address with no documentation, for amounts under $500.00. Often, an unclaimed fund is listed at an address where you may have lived decades ago, and you no longer have any documents showing that you lived there.That’s where you’ll found out the total of how much you’re owed, and instructions on how to start the claims process. Ĝheck your e-mail for something from “Illinois Unclaimed Property.” If you don’t see it within ten minutes, check your “junk” file.ğill out the form, and press “Next,” and then “Submit.”.Ĝheck any boxes that apply to you, and then press the “Claim Properties” button.Also make sure you look for every address you’ve lived at in Illinois. The entries are NOT alphabetized, so make sure and check every page, and try every version of your name. Ĝarefully check the results, because many entries are misspelled, and you want to find those as well.Don’t fill in the City/Zip Code field unless you have a very common name. 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.
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