June 22, 2009
Tracking Down Illinois Abandoned Assets – Part 1 of 2
(Part 1 of 2)
In May of 2007, IL State Treasurer State Treasurer Alexi Giannoulias announced that the state's "Cash Dash" program currently holds nearly 1.4 Billion dollars in Illinois unclaimed money. The only thing standing between the cash and its rightful owners is the knowledge that it's out there and the ability to track it down.
Sadly in addition to IL, state treasury departments across the United States continue to take in more unclaimed money each year than they give back to the citizens. Because everyone believes in the old "if it's too good to be true" saying, most people refuse to believe that there are truly tens of billions of dollars that can be claimed across the country. Even for the handful who have come to accept the truth about unclaimed assets, the best way to find these monies eludes them more often than not.
The Prairie is State is one of only a few states that holds over 1 billion dollars on its own, and that means that if you are a resident of IL then you have even better odds of tracking down a claim in your name, especially after you consider that the state has less than 13 million people and there are more than 10 million names on the state's IL list.
Even though there are quite a few more, IL names the following as the most common types of missing money: abandoned savings and checking accounts, unpaid wages or commissions, stock, bonds, mutual funds, un-cashed dividends, customer deposits or overpayments, credit balances, refunds, money orders, travelers checks, paid-up life insurance policies, safe deposit box contents. People who have had or know someone who may have had one of these accounts at one time or another is encouraged to search frequently.
The IL State Treasury has handed back over $432 million since it took over the unclaimed money 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 every year, the pile of cash will continue to grow.
(to be continued)
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