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Unclaimed Illinois Money

There are millions of unclaimed Illinois money just waiting for the rightful heir to claim. Money becomes unclaimed for a variety of reasons. Sometimes unclaimed money is because of lost stock, forgotten bank accounts, or misplaced inheritance. Claiming unclaimed money in Illinois requires you to search the Illinois Unclaimed money database.

Illinois has strict procedures for dealing with unclaimed money which include:

Any for-profit and not-for-profit business entities that conduct business in Illinois are required to report unclaimed property on an annual basis. If you believe your firm is not holding unclaimed property, the state requires you to file a negative report.

All business associations, utilities and life insurance corporations are required to file reports May 1 of each year. The report should reflect one year of account activity five years prior to the last calendar year. Example: if your report is due May 1, 2008, your report will cover activity from Jan. 1, 2002 through Dec. 31, 2002.

All banking and financial organizations, insurance companies (other than life insurance corporations) and governmental entities are required to file November 1 of each year. The report should reflect account activity for the one-year period five years prior to June 30 of the report year. Example: If your report is due Nov. 1, 2008, your report will cover activity from July 1, 2002, through June 30, 2003. Governmental agencies should use an abandonment period of seven years. Example: If your report is due Nov. 1, 2008, your report will cover activity from July 1, 2000, through June 30, 2001.

Examinations are scheduled when the Treasurer’s Office suspects a holder failed to report property as required by law. The examinations are conducted in compliance with Sections 23, 24.5 and 11.5 of the Uniform Disposition of Unclaimed Property Act and Section 180.90 of the Unclaimed Property Administrative Rules.

There are also rules in Illinois concerning the contents of safe deposit boxes. If safe deposit boxes are not claimed then then the contents are auctioned off on eBay. If you have unclaimed money in Illinois then you need to search the Illinois state unclaimed funds database website under the Cash Dash program for any unclaimed funds you may have due.