June 29, 2010
Tracking Down Illinois Lost Money – Part 1 of 2
(Part 1 of 2)
In May 2007, IL State Treasurer State Treasurer Alexi Giannoulias announced that the state's "Cash Dash" abandoned asset program currently holds roughly 1.4 Billion dollars in Illinois unclaimed money. The only thing standing between the cash and its true owners is the knowledge that it is out there waiting to be claimed and the ability to locate it.
Sadly in addition to IL, state treasury departments across the nation keep on taking in more unclaimed property each year than they hand back to the citizens. Due to the fact that everyone believes in the old "if it's too good to be true" saying, most people do not believe that there are really tens of billions of dollars that can be claimed nationwide. Even for the handful who have realized the truth about unclaimed assets, the best way to find these monies eludes them most of the time.
The Prairie is State is one of just 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 greater odds of finding a claim in your name, especially when you factor in that the state has just under 13 million people and there are over 10 million names on the state's IL list.
Although there are many more, IL names the following as the most common types 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 one time or another is encouraged to search frequently.
(to be continued)
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