Illinois Treasurer Michael W. Frerichs is holding $2.5 billion in lost money — and he is waiting for their rightful owners to claim the money.
The state’s program, iCash, will hold the money until it is claimed by the original owner or their heirs.
“Unclaimed property consists of accounts and other financial instruments, usually intangible, being held at corporations, financial institutions, financial intermediaries, courts, and life insurance companies, that have gone dormant for a specified period of time based on property type,” the website stated.
This could mean checking and savings accounts, uncashed wage and payroll checks, uncashed stock dividends and stock certificates, insurance payments, utility deposits, customer deposits, accounts payable, credit balances, refund checks, money orders, traveler’s checks, mineral proceeds, court deposits, uncashed death benefit checks and life insurance proceeds.
However, the holdings do not include vehicles or real estate.
The website states the treasurer paid out more than $220 million to Illinoisans in the last two years.