‘It’s difficult to return money’: State treasurer says checks for forgotten cash are bona fide
If you’re among the thousands of people receiving a modest windfall from Illinois Treasurer Michael Frerichs’ office — believe it.
The treasurer’s office is mailing out about 140,000 checks as part of its Enhanced Money Match program, which automatically returns missing money to Illinoisans who typically have forgotten about it.
But “one of the hardest parts of my job is giving away money,” Frerichs said at a Tuesday briefing.
“It’s hard because we’ve done such a good job convincing people that there are identity thieves out there — that some people think it’s a scam or a hoax when the state tries to give them money back.”
Individuals getting checks from the treasurer’s office should have received a notification letter listing the amount. About $13 million is being distributed, and the majority of givebacks are between $50 and $100, Frerichs said.
It’s not a fortune, but “that is $50 to $100 you could spend on a couple bags of groceries or maybe refill your gas tank once or twice, depending what you drive,” he noted. And “that money circulating throughout the economy does a lot more good for the state than it does sitting in a bank vault in Springfield.”
The state finds Money Match recipients by cross-checking its unclaimed property database with other lists. The program is for single individuals only, not multiple people, and involves simple claims.
Examples are a rebate that was lost in the mail or a final paycheck not collected from a previous employer or a deposit left with a utility by someone who moved.
Money Match is part of the treasurer’s Unclaimed Property program, also known as I-CASH.
The treasurer’s office is charged with safeguarding unclaimed property, which can include bank accounts and safe deposit boxes forgotten by owners or unpaid life insurance benefits.
Democratic State Sen. Sara Feigenholtz of Chicago and state Rep. Stephanie Kifowit of Oswego sponsored legislation to increase the amount of EMM cash automatically refunded from $2,000 to $5,000.
When she or staff members call constituents and tell them a check is coming, “very often they hang up,” Feigenholtz said. “It’s funny, but it’s sad because, for some reason, this money has eluded them.”
Kifowit said she helped identify $8,000 owing to the American Legion of Aurora by looking it up on the treasurer’s website.
“This is not just for people, this is for organizations and nonprofits” that can benefit, she said.
To see if you have any unclaimed property, go to icash.illinoistreasurer.gov.
Of those who go on the website, “we find about one in four find something that belongs to them,” Frerichs said. People also have located relatives who are owed money.