Discover Hidden Treasures: Reclaim Your Unclaimed Property Today!
Did you know the Illinois State Treasurer’s Office is safeguarding over $5 billion in unclaimed property? That is right—some of it could be yours!
Many Illinois residents are unaware they might have unclaimed property lying dormant in the state's treasury. Imagine finding extra money just waiting to be claimed that you did not even know you had. Sound like a dream? It is possible. Thanks to I-Cash, Illinois’ official unclaimed property program, it is easier than ever to check if you have unclaimed assets waiting to be reclaimed.
What is Unclaimed Property?
Unclaimed property refers to financial assets that have been inactive for a significant period. These assets may include:
- Inactive bank accounts
- Uncashed payroll checks
- Insurance payouts
- Stocks, bonds, and mutual funds
- Utility deposits
- Safe deposit box contents such as military medals.
Often, these assets become unclaimed due to:
- A change of address
- A forgotten account
- A death in the family
- Oversights by businesses, non-profits, or trade unions
When property remains unclaimed, it is transferred to the state treasury for safekeeping until the rightful owner is located.
The concept of unclaimed property might sound mysterious, but it plays a critical role in protecting the rights of individuals and ensuring that abandoned or forgotten assets are returned to their rightful owners. In Illinois, the governing framework for unclaimed property has been around since the mid-20th century and underwent a significant transformation with the enactment of the Revised Uniform Unclaimed Property Act (RUUPA), effective January 1, 2018. This law has modernized over the years.
RUUPA modernized the handling of unclaimed assets to reflect today’s financial landscape, including:
- Digital Assets: Accounting for unused gift cards and electronic payments.
- Simplified Claims Process: Making it easier to claim low-value assets.
- Consumer Protection: Preventing excessive fees on dormant accounts.
- Updated Dormancy Periods: Establishing fair timelines before assets are deemed unclaimed.
The Evolution of Illinois Unclaimed Property Law
A timeline of unclaimed property law development reveals how the legal framework has been adapted over the decades to address changes in financial practices and technology:
- 1954: The Uniform Disposition of Unclaimed Property Act was introduced nationally, and Illinois adopted it as 765 ILCS 1025 in 1961. The law’s primary purpose was to ensure the unclaimed or abandoned property was safeguarded and eventually returned to its rightful owner.
- 1966: The act undergoes its first significant revision to expand its scope and clarify key terms.
- 1981: Further refinements are introduced under the Uniform Unclaimed Property Act, adapting to growing complexities in financial management.
- 1995: Another update incorporates technological advances and reflects modern financial practices.
- 2016: The Uniform Law Commission adopts the Revised Uniform Unclaimed Property Act, laying the groundwork for more comprehensive reforms.
- 2017: Illinois officially replaces the former act (765 ILCS 1025) with RUUPA (765 ILCS 1026), effective January 1, 2018.
Why Does Unclaimed Property Exist?
There are several reasons why a property could become unclaimed. The owner may have simply forgotten about the property, passed away, or left it behind. Other reasons include an employee being terminated, an owner changing their address without notification, or an owner moving from a location where a deposit was required.
Unclaimed property laws, governed in Illinois by the Revised Uniform Unclaimed Property Act (RUUPA), protect consumers by ensuring financial accountability. These laws are designed to ensure that reasonable attempts are made to return lost, forgotten, or abandoned property to its rightful owner.
The Mission of I-Cash
The Illinois State Treasurer’s Office operates I-Cash to reunite residents, businesses, and organizations with their lost or forgotten assets. From dormant utility deposits to long-lost family heirlooms in safe deposit boxes, the program bridges the gap between unclaimed property and its rightful owners.
How Does I-Cash Work?
Reclaiming your unclaimed property is simple and secure. Follow these easy steps:
- Visit the I-Cash Website: Go to icash.illinoistreasurer.gov
- Search for Your Name: Enter your name, business name, or the name of a family member to see if there’s unclaimed property.
- Initiate Your Claim: If you locate the property that belongs to you, follow the instructions to file your claim. You will need to provide proof of identity and ownership.
- Submit Documentation: Upload any required documentation to complete your claim. Once submitted, you will receive a Claim ID to track your progress.
- Receive Your Funds: After processing and approval, your assets will be returned to you.
Success Stories
I-Cash has reunited many Illinois residents with significant assets:
- The Illinois State Treasurer's Office has successfully reunited many residents with significant assets through the I-Cash program. For instance, Melva recovered $3,000 in stocks and $296.33 from an outdated bank file. (I-Cash Success Stories, N.D.)
- Additionally, in 2024, nearly $299 million in unclaimed funds were returned to Illinois residents, with an average claim amount of $902. (Fox 32 News Chicago, 2025, January 14)
Take Action Today
Do not let your hard-earned money sit unclaimed. Visit icash.illinoistreasurer.gov today to search your name. It is fast, easy, and completely free. You might uncover a hidden treasure waiting just for you!
Spread the Word
Encourage your friends, family, and colleagues to check for their unclaimed property. You never know who might thank you for helping them reclaim their financial legacy. You can find out more by listening to Making Cents of Money podcast.
References
- Illinois General Assembly. (n.d.). Revised Uniform Unclaimed Property Act (RUUPA), 765 ILCS 1026. Retrieved from https://www.ilga.gov/
- Uniform Law Commission. (2016). Revised Uniform Unclaimed Property Act. Retrieved from https://www.uniformlaws.org/
- Fox 32 News Chicago. (2025, January 14.). Illinois residents unclaimed funds. Retrieved from https://www.fox32chicago.com/news/illinois-residents-unclaimed-funds?utm_
- Illinois Treasurer. (n.d.). Success stories. Retrieved from https://icash.illinoistreasurer.gov/app/success-stories?
