The Illinois Unclaimed Property program, under the guidance of State Treasurer Michael Frerichs, is on a mission to bring financial relief to thousands of residents in the state.
Their ambitious initiative, known as the Money Match program, is a critical component of the Unclaimed Property program, set to distribute an estimated $47 million to eligible individuals.
The funds earmarked for distribution through the Money Match program have diverse origins, ranging from overlooked safe deposit boxes to unpaid life insurance benefits, forgotten bank accounts, and unused rebate cards.
State law mandates that unclaimed property be returned to its rightful owners or their heirs. In light of this mandate, Treasurer Frerichs joined hands with the General Assembly to revamp the Money Match program.
Unclaimed Property Program in Delivering Financial Relief
Frerichs articulated the underlying motivation, saying, “How can we make life a little bit better and a little bit easier for our residents is the driving force behind our programs.
Putting money in people’s pockets so they can decide how best to spend it simply makes a lot of sense and is the right thing to do.”
Simplified Procedures and Increased Payments
The enhancements brought about by the program are multifaceted. They include simplifying the process for returning money to individuals and significantly raising the cap on automatic payments from $2,000 to $5,000.
The core objective is to streamline the process, making it easier for residents to reclaim their funds and put money directly into their pockets, empowering them to decide how best to utilize it.
Leveraging Technology for Residents’ Benefit
The Money Match program is a testament to how modern technology and data-driven approaches can serve the greater good.
It harnesses data collected by the state, which is cross-referenced with the treasurer’s extensive unclaimed property database.
This meticulous process ensures that the rightful owners are accurately identified.
A Straightforward Path to Reclaiming Unclaimed Property
Eligible individuals will receive an initial letter informing them of the sum they are owed and the reasons behind it.
After complying with an additional security step, the treasurer’s office will dispatch a check to the property owner. The process is intentionally designed to be straightforward, leaving recipients with nothing more to do than watch their mailboxes for the funds they are rightfully entitled to.