Money Match: It’s Your Money
We always are looking for new ways to improve how our office serves the public. Our latest success story may return your lost money without any action on your part.
The new ‘Money Match’ program uses existing technology to match qualifying unclaimed cash with Illinois residents. The property must be $2,000 or less with only one owner. Our goal is to return more money, more quickly, and without the need of filing a paper claim, to Illinois taxpayers.
Under a new law that was initiated, the state treasurer’s office can compare unclaimed property records to state tax records. When a qualifying match is found, payment can be given to the rightful owner without a claim.
An estimated 63,000 ‘Money Match’ notification letters will be mailed this month. Checks will be issued after the address is confirmed to be correct. The hope is to return $12 million.
In Illinois, the state treasurer’s office is tasked with safeguarding unclaimed property, such as unpaid life insurance benefits, forgotten bank accounts, and unused rebate cards. They hold more than $2 billion in unclaimed property and are legally required to return the property to the rightful owners no matter how long it takes.
In 2017, the General Assembly was convinced to create Money Match. More than 830,000 unclaimed property files were scoured to identify the initial 63,000 ‘Money Match’ recipients.
Not included in ‘Money Match’ is cash owned by multiple parties, including a joint holding of a parent and minor child, as well as shares of stock and bonds, bank safe deposit box contents, and escrow accounts.
Whether or not you receive a Money Match letter, you still might have unclaimed property. Individuals can search their name, or the name of their business, or non profit, at www.illinoistreasurer.gov/ICASH. Please remember that there is never a fee to search the database or return unclaimed property.