July 8, 2009
Tracking Down Unclaimed Cash in Illinois – Part 2 of 2
(Part 2 of 2)
The Illinois State Treasury has handed back more than 432 million dollars since it took over the unclaimed property program in 1999, $84 million of which was returned in 2006 alone, but with 1.4 Billion dollars waiting to be claimed and more coming in every year, the heap of cash will keep on growing.
Because money is always being added to the fund, it's very important to search regularly, not just one time. Money owed to you might be added tomorrow, or next week, or next month, or depending on the type of property in 5 years if that's the proper dormancy period. Each kind of property has its own dormancy period within each state, after which state laws require the holder to turn 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 may be owed unclaimed property in other states even if they've never lived in or even set foot in them. Things like insurance overpayments when an employer utilizes an out of state insurance company can result in found money located in other states. Also, issues often come up corporations are incorporated in another state.
The bottom line is that the state of Illinois is currently holding a massive amount of money that belongs to its residents who just need to learn the correct ways to search, how often to search, and where to search. Learning these search methods from experienced funds locators in this field can give you a boost in your abilities to locate your money.
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