(Part 2 of 2)

Even though 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. Anyone who has had or knows someone who may have had one of these accounts at one time or another is encouraged to search often.

The IL State Treasury has returned over 432 million dollars since it took control of 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 all the time, the pile of cash will continue to grow.

Because money is constantly added to the fund, it is important to check 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 asset in five years if that's the proper dormancy period. Each kind of property has its own dormancy period in each state, after which state laws require the holder to hand it over to the state who will then hold it until the rightful owner comes forward to claim it.

Further, residents of IL may be owed unclaimed property in other states even if they have never lived in or even set foot in them. Things like insurance overpayments when an employer utilizes an out of state insurance company can cause found money to wind up in other states. Issues often also come up corporations' headquarters are in another state.

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

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