Illinois treasurer returns $2.5B in unclaimed property through I-Cash program

FOX23 News at 9 p.m

SPRINGFIELD, Ill. (KBSI) — Illinois State Treasurer Michael Frerichs said his office has returned more than $2.5 billion in unclaimed property to residents, businesses and nonprofits since he took office.

The record total comes through the state’s I-Cash program, which helps reunite people with forgotten assets such as bank accounts, uncashed checks and unpaid life insurance benefits.

Frerichs said more than 2.5 million individuals and organizations have received funds during his tenure. The office has expanded electronic filing options and implemented programs to automatically return money in some cases.

Officials said recent returns include $440,000 from a deceased couple’s estate that was transferred to St. Jude Children’s Research Hospital.

The treasurer’s office is required by law to return unclaimed property to rightful owners or their heirs, regardless of how long it takes.