(Part 2 of 2)

Even though there are quite a few more, IL names the following as the most common sources of missing money: 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. Anyone who has had or knows someone who may have had one of these types of accounts at one time or another is encouraged to search regularly.

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

Because money is always being added to the fund, it is important to search regularly, not just once. 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 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 funds in other states even if they've never resided in or even been to 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 IL is currently holding a massive amount of money that belongs to its residents who simply 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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