(Part 2 of 2)

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

The IL State Treasury has returned more than $432 million since it took over the unclaimed property 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.

Because money is always being added to the fund, it is important to search regularly, not just once. Money belonging to you could be added tomorrow, or next week, or next month, or depending on the type of property in five years if that is the proper dormancy period. Each type of property has its own dormancy period in each state, after which state laws make the holder turn it over to the state who will then hold on to it until the true owner steps forward to claim it.

Additionally, residents of IL might be owed unclaimed property in other states even if they have never resided in or even set foot in them. Things 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' headquarters are in another state.

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

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