Illinois Unclaimed Property and Funds

What Is Unclaimed Property in Illinois?

Unclaimed Property is money owed to people and companies that gets turned over to Illinois when companies can't find people to pay it back. For example, if you move and you don't tell your utility company your new address, they don't know where to send your refund check. In this case they would turn the money over to Illinois as Unclaimed Property. Illinois would then hold it until you come and claim it. Some states take the money after a certain number of years, while some hold unclaimed funds indefinitely.

Here's the important thing - you could have free money waiting for you!

How Much Unclaimed Property Is Illinois Holding?

Total Unclaimed Funds

Three Billion Dollars

NBC 5 Chicago, March 2022

State Population

12,671,821

according to the 2020 census

Average Claim Size

$1,380 to $2,760

per claim, if 1 in 5 to 1 in 10 residents have unclaimed assets

According to this March 2022 NBC 5 Chicago article, the State of Illinois is holding over Three Billion Dollars in unclaimed funds.

Over Twelve Million people live in Illinois, so that means Illinois is holding over $276 per resident! Not every resident has unclaimed funds, so that means the average claim is much higher. Usually 1 in 5 to 1 in 10 people have unclaimed assets waiting for them, which would make Illinois's average claim between $1,380 and $2,760.

What Are Some Common Examples of Unclaimed Property?

Some common examples of unclaimed propert include:.

  • Checking or savings accounts
  • Stocks
  • Uncashed dividends or payroll checks
  • Refunds
  • Utility security deposits
  • Contents of safe deposit boxes
  • Customer overpayments

Many times people forget they have accounts open with companies, or move companies that owe them money can't find their new address. For exampe, electric companies, natural gas companies, phone companies, and others often owe people money when they move, but can't find the person's new address to send them a check. After a certain time period the company must turn that money over the the state, and the state holds it until the owner comes to claim it. Approximately 1 out of every 10 people in the US have unclaimed money waiting for them, they just have to claim it.

How Do I Claim Illinois Unclaimed Property?

You can search for and and claim unclaimed assets on the Illinois's official webste.

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