How to Find Unclaimed Money in Illinois for Free?

Finding unclaimed money in Illinois without paying a dime is entirely possible, and it’s primarily done through the official state government website. The Illinois State Treasurer’s Office operates a free, publicly accessible database called ICash where you can search for unclaimed property. This involves entering your name (and variations thereof), previous addresses, and any relevant business names you might have been associated with. The key is patience and persistence – unclaimed property comes in many forms, and accuracy in your searches is paramount.

Navigating the ICash Database: Your Treasure Hunt Begins

The Illinois ICash program, managed by the State Treasurer, is your primary portal to uncovering potentially forgotten funds. Think of it as the state’s collective lost and found, but instead of misplaced mittens, it holds millions of dollars waiting to be reunited with their rightful owners.

Step-by-Step Guide to Searching ICash

1. Access the Official Website: Start by visiting the official Illinois State Treasurer’s ICash website. Be extremely wary of third-party websites that promise to find unclaimed money for a fee; these are often scams or extract unnecessary charges for information you can obtain yourself.
2. Enter Your Information: The search interface is straightforward. You’ll be prompted to enter your first and last name. Crucially, try variations of your name (e.g., “Robert” vs. “Bob,” “William” vs. “Bill”). Misspellings and abbreviations are common errors that lead to property becoming unclaimed in the first place.
3. Add Past Addresses: This is critical. Include all previous addresses you’ve lived at in Illinois. Banks, insurance companies, and other entities often hold property based on the last known address, so older addresses are vital to check.
4. Consider Business Names: If you’ve owned a business, search using the business name as well. Many unclaimed assets originate from forgotten business accounts, uncashed vendor checks, or other business-related sources.
5. Refine Your Search: The ICash system may allow you to filter results by city or zip code, which can be helpful if you have a common name. Use these filters strategically to narrow down the search and avoid sifting through irrelevant results.
6. Review Your Matches Carefully: The search results will display potential matches, including the holder of the property (e.g., a bank or insurance company) and a brief description of the property type (e.g., checking account, insurance policy).
7. Claim Your Property: If you find a match that you believe belongs to you, you’ll need to file a claim online through the ICash website. The claim process will require you to provide documentation to prove your identity and ownership of the property. This might include a copy of your driver’s license, social security card, or other identifying documents.

Beyond the Basics: Advanced Search Strategies

• Use Wildcards: Some search interfaces allow you to use wildcards (e.g., asterisks) to represent unknown characters. For example, searching “Smit*” might return results for “Smith,” “Smyth,” and “Smitt.”
• Check for Deceased Relatives: If you are an heir, you can search for unclaimed property belonging to deceased relatives. You’ll need to provide documentation such as a death certificate and proof of your relationship to the deceased.
• Be Patient and Persistent: Finding unclaimed property can take time and effort. Don’t be discouraged if you don’t find anything on your first search. Keep checking back periodically, as new property is added to the ICash database regularly.

Verifying Your Claim: Documentation is Key

Once you’ve identified unclaimed property, the process of claiming it involves providing adequate documentation to verify your identity and ownership. The specific requirements will vary depending on the type of property and the circumstances of the claim, but generally, you’ll need to submit:

• Proof of Identity: A valid government-issued photo ID, such as a driver’s license or passport.
• Proof of Address: Documents that verify your current and past addresses, such as utility bills, bank statements, or lease agreements.
• Proof of Ownership: Documents that establish your right to the property, such as bank statements, stock certificates, insurance policies, or legal documents (e.g., a will or trust agreement).

Common Sources of Unclaimed Money

Understanding the common sources of unclaimed money can help you focus your search efforts. Here are some of the most frequent culprits:

• Dormant Bank Accounts: Checking, savings, and money market accounts that have been inactive for a certain period (typically several years).
• Uncashed Checks: Paychecks, tax refunds, insurance settlements, and other checks that were never cashed or deposited.
• Insurance Policies: Life insurance policies, annuity contracts, and other insurance benefits that were never claimed.
• Stocks and Bonds: Stocks, bonds, and other securities that were abandoned or forgotten.
• Utility Deposits: Refundable deposits for utility services that were never claimed after a move.
• Safe Deposit Box Contents: The contents of safe deposit boxes that have been abandoned.

FAQs About Finding Unclaimed Money in Illinois

1. How long does Illinois hold unclaimed property before it’s considered abandoned?

Illinois generally holds unclaimed property for a specific dormancy period, usually five years. After this period, the property is turned over to the State Treasurer’s Office for safekeeping until the rightful owner is located.

2. Is it safe to search for unclaimed money online?

Yes, as long as you use the official Illinois State Treasurer’s ICash website. Avoid third-party websites that ask for upfront fees or sensitive personal information.

3. What happens to unclaimed money if no one claims it?

If unclaimed property remains unclaimed indefinitely, it may eventually be used to fund state programs or initiatives that benefit the public. However, the original owner always retains the right to claim the property, even after many years.

4. Can businesses have unclaimed property too?

Yes, businesses can have unclaimed property. It’s crucial to search using the business name if you’ve owned or operated a company in Illinois.

5. What if I find unclaimed property for a deceased relative?

You can claim it as an heir, but you’ll need to provide documentation such as a death certificate and proof of your relationship to the deceased.

6. How often is the ICash database updated?

The ICash database is updated regularly, so it’s a good idea to check back periodically, even if you’ve searched before.

7. Do I have to pay taxes on unclaimed money I recover?

Yes, unclaimed money is generally considered taxable income in the year it’s recovered. Consult with a tax professional for specific guidance.

8. What if I moved out of Illinois? Can I still claim property I found on ICash?

Yes, you can still claim property even if you’ve moved out of Illinois, as long as you can provide proof of your previous address and identity.

9. What kind of documentation do I need to claim property?

You’ll typically need a government-issued photo ID, proof of address (utility bill, bank statement), and documentation establishing your right to the property (e.g., bank statement, insurance policy).

10. Is there a deadline to claim unclaimed money?

There is no deadline to claim unclaimed money in Illinois. The state holds the property indefinitely until the rightful owner is found.

11. What if I can’t remember the exact amount of the property?

Provide as much information as you can remember. The ICash program may still be able to match you with the property even if you don’t know the exact amount.

12. What happens if my claim is denied?

If your claim is denied, you can appeal the decision by providing additional documentation or information that supports your claim. Contact the Illinois State Treasurer’s Office for details on the appeals process.