Illinois unclaimed property update
Illinois unclaimed property is increasing. The State Treasurer want to return money to rightful owners. Continue reading and find out how much money Illinois has and how they return it.
When you see unclaimed property you may think it is actual property as in land; therefore, you would not be one of the estimated 5 million people in the state of Illinois with unclaimed property. The actual definition of property when used in unclaimed property is money and material possessions. Still not sure what that comes down to in layman’s terms? Property could be money in an abandoned bank account, the contents of a safe deposit box, uncashed final paycheck, stocks, bonds, or a utility deposit never returned to the rightful owner.
Such property is turned over to the state when attempts at contacting the original owner are unsuccessful and the property has been inactive for five years. Other states may have a different time limit.
The unclaimed property is held forever. The treasury office tries to reunite owners with their property via a Web site, www.cashdash.net. This is for Illinois only. Another Web site www.CashUnclaimed.com serves all states.
Illinois does not hold all property in its original form. The treasury office attempts to keep the amount of physical property collected to a minimum. The items, such as coins, jewelry, comic books and silverware are auctioned off at the Illinois State Fair. The money collected on the sale is held indefinitely for the owner.
Property is usually held for ten years prior to going on the auction block. The purpose of having the auction is to make room for the incoming items.
All the items are appraised so when an owner comes forward to make a claim they are usually pretty happy with the results.
Since 1999, Illinois residents and businesses have claimed almost $211 million from the Treasury Department. The list of unclaimed property grows every day. Do yourself a favor and check for unclaimed money. Claiming the money that is yours helps you and the state. Remember, if you are not a resident of Illinois or if you think you have unclaimed assets in any other state go to www.CashUnclaimed.com.
