Have money waiting for you? Cash Dash comes to Fremont
Maybe there is an insurance policy you didn't know about. Or a cash balance from a bank account closed years ago.
Whatever the circumstance, state officials say there is about $54 million in unclaimed benefits available to residents of Lake County - if they come forward.
"We never deny a claim to rightful owners or heirs," says Kati Phillips, deputy director of communications for the Illinois State Treasurer's office.
Linking assets to owners is the purpose of Cash Dash, an ongoing program that comes to the Mundelein area Feb. 16.
Representatives from the treasurer's office will conduct searches on the state's online database from 3 to 6 p.m. at the Fremont Township office, 22376 W. Erhart Road.
"Sometimes, people haven't heard about Cash Dash so this is a way for someone to learn about it and deal with people face to face," Phillips said. "It's particularly useful for seniors or low-income folks who don't have access to a computer."
Fremont Township officials have posted notices at the Mundelein Senior Center and the Saddlebrook subdivision and Grand Dominion by Del Webb active adult communities.
"You can come and check to see if you have any cash out there," said Fremont Township Supervisor Pete Tekampe.
The sources of "hidden wealth" include long-lost bank accounts, insurance policies, unpaid wages, stocks, bonds, contents of safe deposit boxes or entire estates that never made it to a rightful heir.
Often, the assets have been abandoned or forgotten.
"It's a real easy thing to have happen," according to Phillips. "With life changes, moves, death, divorces, things get lost. It's remarkable."
The treasurer's office is holding $1.4 billion in unclaimed property due to more than 10 million Illinois residents and businesses. A balance of $2.5 million is kept at all times to pay claims and a portion is transferred to state pension funds.
"We'll always hold the money for people because it doesn't belong to us," Phillips said.
Last year, nearly $83 million was returned to rightful owners and more than $138 million was made available to offset the state's annual pension contribution.
Some potential claimants are contacted by phone and invited to go online at treasurer.il.gov to check for themselves or visit one of the hundreds of outreach programs held each year.
The most successful effort occurred last June when more than $1 million in new claims were generated at a shopping mall in Peoria.