Unclaimed Money Act
Illinois Unclaimed Money information.
The information in this database is provided as a method for citizens to locate unclaimed property for themselves or their family members. It is not provided for commercial purposes. According to the Illinois Uniform Disposition of Unclaimed Property Act, a person or company attempting to collect a contingent fee for discovering abandoned property on behalf of an owner must be licensed as a private detective pursuant to the Private Detective, Private Alarm, Private Security, and Locksmith Act. |
Notice: Any unauthorized use of cashdash.net may constitute computer tampering in violation of the Illinois Criminal Code of 1961 and punishable as a felony along with the imposition of civil penalties. |
What is unclaimedMoney?
Unclaimed Property consists of money and other assets that are considered lost or abandoned after an owner cannot be located for a specific period of time. Think of it as hidden wealth. It includes bank accounts; stock and dividends; wages; bonuses; commissions; refunds; safe deposit boxes; insurance payments; gift certificates; credit memos; account receivable credits and payables, just to name a few. (Real estate is not included.)
Why does unclaimed property come to our office?
Each year thousands of people lose track of their bank accounts, cash, stock, bonds, refunds, royalties, safe deposit boxes and other property. People move and forget to furnish their bank, broker, employer, or insurance company with a forwarding address. Losing sight of property can happen to anyone. Others don't even know they are owners of property, such as estates from a deceased relative. It is the Treasurer's job to return more than $800 million in unclaimed assets currently being held by the State of Illinois, to the rightful owners or heirs.
Who holds money?
“Holders” are private business enterprises, public corporations, financial institutions, non-profit organizations and all other entities that maintain account balances, write checks, or hold funds in escrow for another person or persons.
Why is there an unclaimed property law?
The simple answer is, to get your money back to you. The Uniform Disposition of Unclaimed Property act empowers the Treasurer's Office to preserve and protect the property rights of the owner. Before the unclaimed property laws existed, corporations and financial institutions absorbed unclaimed account as profit, and the money was lost forever to the rightful owners.
The State acts as custodian until the rightful owner or his or her heir makes a claim to the assets. The owner NEVER loses his or her rights to the property. There is no time limit to claim unclaimed property in Illinois; property is available until claimed by the rightful owner or heirs.
How can I prevent my financial assets from being turned over to the state
It is important to keep a list of institutions, which hold or manage your money and make sure they have your current address.
- Keep accurate and current records of bank accounts, insurance policies, stock certificates, utility and rent deposits and safe deposit box locations.
- Keep accounts active through customer-initiated contact with the holders of your property through activity on your account, (not merely the accrual of interest).
- Cash all checks for dividends, wages, refunds, and insurance settlements.
- Notify a family member or trusted advisor of the location of your records.
- Have your interest posted in your passbook.
- Call the institution and tell them to note your call in their records.
- Notify all institutions every time you move.
These steps are considered owner activity, and will prevent your assets from becoming abandoned.
How does the Illinois State Treasurer locate the owners?
The Unclaimed Property Division of the Illinois State Treasurer semi-annually publishes the names of unclaimed funds owners in newspapers in all 102 counties across Illinois. We also reach out to Illinois residents at county and state fairs, senior events, shopping malls and other events.
In 1999 the Illinois State Treasurer activated the unclaimed property section of its Web page, which contains a searchable database. In fall of 2000, we started several new exciting programs and activities to aid in the return of funds.
Where does unclaimed property go?
Every state and the District of Columbia have unclaimed or abandoned property laws. It is each state's responsibility to administer its law accordingly. In Illinois, the responsibility lies with the State Treasurer's office. In other states, that responsibility may lie with the Governor, the Comptroller or various other state agencies. In all cases, the property is held by the state for the owners or their heirs in a custodial nature. In most cases, including Illinois, the money never reverts to the state, but is held forever until it is claimed by the rightful owner.
What will happen to the contents
