The Illinois State Treasurer’s Office announced on Tuesday that it successfully returned nearly $299 million in missing funds throughout 2024, as reported by Illinois State Treasurer Michael Frerichs.
Illinois’ missing money program, known as I-CASH, processed a total of 331,032 claims last year. Preliminary figures indicate that $260.6 million in cash and $38 million in securities were returned, with the average claim amounting to $902.
“Returning money to its rightful owners not only benefits families but also bolsters our state’s economy,” Treasurer Frerichs stated. “We’ve simplified the claim process and streamlined operations with the support of state lawmakers.”
I-CASH is among the oldest consumer protection programs in the state, with the State Treasurer responsible for safeguarding unclaimed property, which includes unpaid life insurance benefits, forgotten bank accounts, unused rebate cards, and the contents of abandoned safe deposit boxes. Under Treasurer Frerichs’ leadership, the missing money process has been completely restructured. Innovations such as electronic claims, the elimination of bureaucratic hurdles for small claims, and the use of technology to facilitate automatic payments have all contributed to this success.
The impact of these reforms is evident in the numbers: in 2003, around 25,000 claims were processed annually. By the time Treasurer Frerichs took office in 2015, that number had risen to approximately 60,000. Thanks to his initiatives, the annual claims processed now exceed 300,000.
In the fall of 2023, Frerichs returned nearly $13.2 million to 140,000 individuals through the Enhanced Money Match program, which allows automatic return of funds without the need for a claim. Most recipients received checks ranging from $50 to $100.
Additionally, Frerichs introduced a Friends and Family “share” feature on the I-CASH website. This allows users to share information about missing funds with friends or relatives, ensuring that more individuals are notified and can start the retrieval process.
To better serve Spanish-speaking residents, a dedicated Spanish-language website, es.icash.illinoistreasurer.gov, was launched last year. Unlike other states that rely on translation software, Illinois designed this site from scratch, ensuring all forms are accurately translated.
Since taking office, Frerichs has returned over $2.2 billion in unclaimed property—the highest amount in state history. In May 2024, the Treasurer’s Office surpassed the $2 billion mark in unclaimed property returns by delivering $500,000 to a Lake County veteran, who was unaware of a life insurance policy taken out by his late wife. Initially skeptical about the call regarding the returned funds, the veteran expressed gratitude for the assistance.
Illinois is recognized as a national leader in managing unclaimed property and frequently serves as a resource for other states reforming their laws and procedures. The State Treasurer’s Office advises residents to check for missing money at least twice a year, with more than $5 billion in unclaimed property still held by the state. Individuals can visit icash.illinoistreasurer.gov to see if any missing funds await them. The state treasurer is legally obligated to return unclaimed property to its rightful owners or heirs, regardless of the time taken.
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