October 31, 2008
Illinois Lost Money – Part 2 of 2
(Part 2 of 2)
The Illinois State Treasury has returned more than $432 million since it took over the unclaimed property program in 1999, $84 million of which was given back in 2006 alone, but with 1.4 Billion dollars waiting to be claimed and more coming in all the time, the mountain of cash will continue to grow.
Because money is always being added to the fund, it is important to check regularly, not just once. Money owed to you could be added tomorrow, or next week, or next month, or depending on the type of asset in 5 years if that's the proper dormancy period. Each type of asset has its own dormancy period in each state, after which state laws make the holder hand it over to the state who will then hold on to it until the rightful owner steps forward to claim it.
Additionally, residents of Illinois might be owed unclaimed property in other states even if they have never lived in or even set foot in them. Items like insurance overpayments when an employer uses an out of state insurance company can result in found money located in other states. Issues often also arise when corporations are incorporated in another state.
The bottom line is that the state of Illinois is currently home to a large amount of cash that belongs to its residents who simply 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 greatly enhance your abilities to find your money.
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