Apr. 21—Why is the state treasurer trying to give money away with I-Cash?
The Illinois State Treasurer's Office has billions of dollars laying around that can't be used by the state.
The treasurer's office collects cash and property which has gone unclaimed — like unpaid life insurance benefits, abandoned bank accounts and even paychecks — and holds it for collection by Illinois residents.
According to the office's communication specialist, Eric Krol, the main sources for that money tend to be financial institutions and insurance companies.
When a business owes someone money and that person never comes to collect it, the business is required to send one last due diligence letter to that person.
If there still isn't any response, the business reports what happened and turns the money over to the treasurer's office.
"Illinois is what's called a custodial state, meaning that you, or your heirs, are able to claim your funds forever," Krol said. "The Treasurer has a legal obligation to try to find the legal owner no matter how long it takes."
That's why the state is pushing hard for people to collect the cash: it will go unused otherwise.
If you want to check and see if you have any unclaimed money in the system, search the I-CASH website, where you'll also be able to claim what you find.
Around a quarter of adults in Illinois who search I-Cash find unclaimed property.
"It's often a surprise for people to find out they have an overlooked investment account or final paycheck that did not make it to them," State Treasurer Michael Frerichs said.
The largest amount ever paid to an individual was $11 million, but the average claim is about $1,000.