(Part 2 of 2)

Although there are many more, IL names the following as the most common types of missing money: credit balances, customer deposits or overpayments, safe deposit box contents, money orders, refunds, paid-up life insurance policies, travelers checks, unpaid wages or commissions, abandoned savings and checking accounts, bonds, stock, un-cashed dividends, mutual funds. Anyone who has had or knows someone who might have had one of these accounts at some point in the past is encouraged to search often.

The IL State Treasury has given back more than 432 million dollars since it took over the unclaimed money program in 1999, 84 million dollars of which was returned in 2006 alone, but with 1.4 Billion dollars waiting to be claimed and more coming in every year, the pile of cash will keep on growing.

Due to the fact that money is always being added to the fund, it is important to check regularly, not just one time. Money belonging to you might be added tomorrow, or next week, or next month, or depending on the type of asset in 5 years if that is the proper dormancy period. Each kind of property has its own dormancy period within each state, after which state laws require the holder to hand it over to the state who will then hold it until the rightful owner steps forward to claim it.

Further, residents of IL might be owed unclaimed money in other states even if they have never resided in or even set foot in them. Things like insurance overpayments when an employer utilizes an out of state insurance company can cause found money to wind up in other states. Issues often also arise when corporations are incorporated in another state.

The bottom line is that the state of IL is currently home to a massive amount of money that is owed to its residents who just need to learn the right ways to search, where to search, and how often to search. Learning these search tips from experienced funds locators in this field can give you a boost in your abilities to find your money.

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