Unclaimed Money in Illinois
Understanding unclaimed money
Unclaimed money, also known as unclaimed property or abandoned funds, refers to assets or amounts of money that are owed to an individual, business, or estate but have not been claimed. Financial institutions and companies, after a certain period of inactivity or lack of contact with the rightful owner, turn these funds over to the state.
Despite the term “unclaimed money,” this can include not only cash but also various types of property which the owner or heir may have forgotten about or may be unaware that they are entitled to.
Looking for Unclaimed
Check to see how you can claim lost cash and property.
Looking for Unclaimed
Check to see how you can claim lost cash and property.
Common sources of unclaimed funds
Unclaimed funds can originate from a variety of sources with certain circumstances resulting in the funds becoming lost or forgotten. Here are some of the most common sources:Bank accounts: Savings or checking accounts that have been inactive for an extended period may become unclaimed. This also includes CDs (certificates of deposit) that may not have been renewed or claimed after maturity.
Uncashed dividends or payroll checks: Investment dividends or paychecks that were never cashed are a frequent source of unclaimed funds. Employers and financial institutions typically have procedures to follow, that often involve turning the funds over to the state, when checks remain uncashed.
Searching for your unclaimed money in Illinois
Checking for unclaimed property through MoneyBot5000
1. Access MoneyBot5000: Sign up or login to the MoneyBot5000.
2. Use the unclaimed funds search tool: Use the search tool on the homepage designed to track unclaimed property.
3. Enter your personal details: Provide your name and address to help ensure a detailed search.
4. Refine your search: If possible, include additional information such as your city or ZIP code to narrow down the search results.
5. Review potential matches: Examine the list of potential matches that the system generates. Each entry usually includes the owner’s name, last known address, the holder of the funds, and details on how to proceed.
6. Select and claim your property: If you recognize any property as yours, select it and follow the instructions provided by MoneyBot5000 to initiate your claim.
The claiming process
Access the state site: After using MoneyBot5000 to see if you have unclaimed property, go to the state website to claim. You’ll need to enter your name or business name. This is a secure source to claim your property, and it provides a user-friendly interface for claimants.
Enter your information: You will need to provide your personal information and details about the property. Enter the information for the claim you found in the MoneyBot5000 results.
Submit required documents: Depending on your claim, you may need to provide identification (like a driver’s license or passport), proof of address, documents proving ownership, or legal documents establishing your right to the property.
Legal and procedural requirements
State regulation on holding periods and claiming funds
Illinois, as a custodial state, does not take ownership of unclaimed assets but holds them indefinitely until they are claimed. The time frame during which property is considered dormant before it must be reported and remitted to the state depends on the type of property in question.
The general rule established by Illinois law mandates that unclaimed property must be reported and surrendered to the state after three years of inactivity, which is known as the dormancy period. This applies to a wide range of property types, including uncashed checks, savings accounts, and many other financial assets.
It is important for individuals and entities holding such properties to be aware that they must comply with these regulations by reporting and transferring unclaimed assets to the State Treasurer after the dormancy period passes without anyone coming forward to claim the assets.
There are some exceptions to the general dormancy rule based on the specific type of property:
Safe deposit boxes: Tangible property within a safe deposit box is presumed abandoned if left unclaimed for five years after the lease period on the box has expired.
Unclaimed wages: A narrower timeframe applies to unclaimed wages, where a one-year period of dormancy triggers the abandoned status and requires turning it over to the State.
The State Treasurer of Illinois holds over $5 billion in unclaimed funds for residents. These funds cover a spectrum of lost or forgotten assets. If you’re one of the individuals with unclaimed property, understand that these funds are rightfully yours and you are entitled to them at no cost, provided you have the proper identification and proof of ownership. There is no rush though. This property will be held by the state until claimed by the original owner or their legal heirs.
Illinois Department of Revenue - Unclaimed Property Division
Address
Illinois State Treasurer's Office, Unclaimed Property Division, 1 E Old State Capitol Plaza, Springfield IL 62701
Phone Number
800-961-8303
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