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4:07 pm
Thu July 12, 2012

State Treasurer Wants to Return Unclaimed Property

Illinois' state treasurer is holding more than $1.5 billion in unclaimed property. Treasurer Dan Rutherford says his office is “aggressively” trying to find the owners.

He says, “Each week we add new inventory to the searchable database. And I strongly encourage people to look for both their name, a family member's name.”

Rutherford says the money can come from deposits for utility service that were never picked-up. Items can come from safety-deposit boxes after someone passes away. If the rightful owner cannot be found, after five years, the items are transferred to his office.

The effort to find the owners is paid for by Interest on the money held by the office. The owner is able to collect the cash or the cash value of items that are held. Items are eventually auctioned off. The next online auction is July 23-27.

Rutherford estimates one in every eight Illinois residents has unclaimed property. He says the office is holding $1.2 million that belongs to McDonough County residents.

The searchable database is online at www.i-cash.illinois.gov
Rutherford came to Macomb to promote the program.

http://www.i-cash.illinois.gov