Q: What is unclaimed property?
A: Unclaimed property is money or assets that have been separated from their owner for at least five years. Often, the owner doesn’t know the property exists.

Examples include:

• inactive savings and checking accounts
• unpaid wages or commissions
• stocks, bonds and mutual funds
• money orders and bill overpayments
• paid-up life insurance policies
• safe deposit box contents

Q: Why does unclaimed property end up at the Treasurer’s Office?
A: People lose track of their assets when they move homes or loved ones die. Businesses and banks are required by law to turn over the unclaimed accounts to the state so they can be returned to their rightful owners.

Q: How do I find out if I have unclaimed property?
A: Search your name on our online Cash Dash database, which is updated several times a year. Also, by law the Treasurer’s Office must publish the names of new owners twice a year in local newspapers.

Q: What should I do if I find my name on the database?
A: Print out a claim form and mail it to our Unclaimed Property Division. To expedite service, please carefully follow the instructions attached to the claim form, and submit the requested documentation along with your completed claim form.

Q: How much money has the Treasurer’s Office returned to owners?
A: The Treasurer’s Office has returned more than $500 million in unclaimed property since taking over the duty in July 1999. In fiscal year 2007, the office returned a record $92 million.

Q: Why has there been more money returned?
A: One reason for the increase in the amount of money and number of people owed unclaimed property has been the demutualization of several large life insurance companies – including Prudential, John Hancock and Metlife – that have paid out policyholders in cash or common stock. In the 1940s and 50s, many low- and moderate-income Illinoisans bought inexpensive life insurance policies from door to door salesmen, never realizing that doing so made them shareholders of company. In many cases, policy owners have been difficult to track down and the funds have ended up as unclaimed property. Now, decades later, they and their heirs can claim the residual value.

Q: What is the average claim worth?
A: Currently, around $200. As of February 2008, we have 1,294 owners owed between $50,000 and $100,000, and 427 owners owed over $100,000.

Q: Does state ever take ownership of unclaimed property?
A: No. The State of Illinois serves as a custodian of the assets and never takes ownership of them. Generations from now, a family member could claim your property with the right paperwork.

Q: Do you auction off unclaimed property?
A: Yes. Each year, the Treasurer’s Office receives the contents of safe deposit boxes that have been abandoned for five years. The names of owners of the safety deposit box contents are published beforehand. If the owners or their heirs do not come forward to claim the contents, we sell the items on eBay and hold the proceeds for the rightful owner. Auction items include jewelry, coins, stamps and other collectibles.

Q: Are there any items you do not sell at auction?
A: Medals earned in military service and combat are not sold at auction. We seek to return these items to a rightful owner or heir. To display our medals and informational materials at your functions, please click on the link. Military Medals