The Illinois Unclaimed Property Program will reimburse approximately 66,700 state residents.
He Illinois Unclaimed Property ProgramUnder the supervision of the State Treasurer, Michael FrerichsAbout 66,700 state citizens will be reimbursed.
Part of this initiative is called the Cash Match Program Unclaimed Property Scheme and will distribute approximately $47 million to eligible individuals.
These funds come from a variety of sources, including neglected safe deposit boxes, unpaid life insurance benefits, forgotten bank accounts, and unused chargeback cards.
State law requires it Unclaimed property should be returned to its rightful owners or heirs, which led Frerichs to collaborate with the General Assembly to develop a monetary competition program.
Improvements include simplifying the refund process for individuals and increasing the automatic payment limit from $2,000 to $5,000. The goal is to make life easier for residents and put money directly in their pockets so they can decide how best to use it.
How do you get a $5,000 payment?
The cash match program uses data collected by the state, which is then cross-referenced with the treasurer’s unclaimed property database.
Eligible individuals will receive the first letter informing them of the amount they owe and the reasons for it. After completing the additional security measure, the treasurer’s office will send a check to the property owner.
The process is designed to be simple and recipients just need to keep an eye on their mailboxes for the funds they are entitled to.
In essence, the program uses existing state data and technology to identify and return unclaimed property to Illinois residents.
By streamlining the recovery process and increasing the payment threshold, the government aims to ensure that these funds reach their rightful owners, providing financial incentives to thousands of residents.
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