Check your mailbox: More than 60,000 people in Illinois are in line to automatically receive checks for as much as $5,000 in unclaimed property. Are you one of them?
Illinois’ Unclaimed Property Program, or I-Cash — one of several ways Illinois residents can find unclaimed money owed to them — previously required that residents file a claim in order to collect any outstanding funds. However, new enhancements to the program allowed the state to mail a check out with no claim needed, a recent release from State Treasurer Michael W. Frerichs said.
According to the release, checks worth up to $5,000 will automatically be mailed to more than 66,000 people who are owed money but have not claimed it. Prior to the changes, the automatic payment cap was $2,000.
The enhancement, part of the state’s “Money Match” program, crossmatches state data with the treasurer’s unclaimed property database, the release said.
“When a matching name and mailing address is identified and confirmed, the unclaimed property owner will receive a letter from the Treasurer’s Office that describes the amount and source of the money,” the release continued.
After an additionally security step is completed, Frerichs’ office will then issue a check to the owner, the release said.
“All they have have to do is watch for the mail,” the release added.
More here.
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