What Is Unclaimed Money in Illinois?
Assets that have lain unclaimed for a predetermined time are repossessed by the government or approved private holders. Account balances, securities like stocks and bonds, insurance policies, dividends and refunds, and governmental benefits are all examples of unclaimed money Illinois. After a time of dormancy, financial institutions are required by Illinois’ Uniform Unclaimed Property Act to turn over custody of unclaimed funds to the State Treasurer’s Office.
Illinois individuals frequently overlook or purposefully ignore these financial assets for extended periods. When this occurs, the financial institution in charge of the money will contact the owner via one of the listed methods of contact, usually email, letter, or phone call. The banking institution will try to get in touch with the person’s family if there is no answer.
State rules require these financial institutions to give the treasurer or a designated private holder custody of the financial assets. Until a legitimate claim is made, these holders will take temporary, non-owner custody of the unclaimed money. The Illinois State Treasurer’s Office reports that as of December 2021, there were over 3.5 billion dollars in unclaimed money and property just waiting for its rightful owners to lodge a claim.
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How To Find Illinois Unclaimed Money
The office of the state treasurer of Illinois keeps a public, searchable database of unclaimed funds. Visitors to the website looking for unclaimed money can expect to find details such as the owner’s name, physical address, the amount that hasn’t been claimed, the financial institution that reported the unclaimed cash, and the kind of unclaimed monies. This website allows interested public members to lodge a claim and upload the required supporting evidence in addition to viewing information on unclaimed money. Contact the State Treasurer’s Office at (800) 961-8303 or email UPContact@illinoistreasurer.gov if you prefer to file a claim by another means, such as by mail or phone. Please be aware that the State Treasurer’s Office only answers the phone during regular business hours and that it is better to send emails then.
Unclaimed funds are accessible to everyone in the United States through official and non-governmental agencies. Unclaimed money search engines run by third parties are simple to use and offer quick results that are not restricted by location. Users can often use just their full name or business name to search for unclaimed money on third-party search websites. However, because the government does not support these websites, the results’ accessibility and reliability may vary.
How Can I Get Free Access to Illinois Unclaimed Money?
Use of the online unclaimed money database maintained by the Illinois State Treasurer’s Office is free. Other free online tools are available for anyone interested in finding and claiming unclaimed funds in Illinois, mainly if the funds are held by a federal agency or a foreign nation.
Refunds for unclaimed state taxes
The Illinois Department of Revenue reimburses citizens who overpaid state taxes. These tax refunds, however, frequently go unclaimed. This occurs when taxpayers don’t check the status of their refund for several filing seasons. Like federal tax returns, state tax refunds may go unclaimed from those who purposefully delay claiming them. The Department of Revenue’s system allows taxpayers to verify unclaimed refunds using their full names and social security numbers in any way. People who have unclaimed state tax refunds can use the portal to apply for the money online.
Unpaid Salaries and Back Wages
To ensure businesses compensate workers who have been the victims of wage exploitation and nonpayment, the Wages and Hours Division of the Department of Labor uses administrative and legal procedures. After being informed, the division notifies the impacted workers and collects the money from the negligent companies to pay them. The Wages and Hours Division’s unclaimed money database can be searched by employees who have unclaimed back pay and salaries. Alternatively, you can visit the Illinois location or phone the division at (866) 487-9243.
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