Illinois seeking 55,000 owners of forgotten cash, other assets

Morris Daily Herald, Morris, IL

Published Tuesday, February 19, 2008

SPRINGFIELD - The first time Judy Wadley spied her late mother's name on the Illinois State Treasurer's Cash Dash list, she figured filing a claim for lost money wasn't worth the effort.

But last summer, when the Mounds, Ill., woman saw the name again, she logged onto the Internet, downloaded a form and filed a claim.

Within three weeks, she actually received a check in the mail for more than $2,500.

“It worked just like clockwork, and the check was worth more than I thought it would be. It was worthwhile,” Wadley said.

Wadley is hardly unique. More than 55,000 people and businesses have had money and assets turned over to Illinois Treasurer Alexi Giannoulias' Office since August 2007, bringing the total number of unclaimed property claimants to a whopping 10 million.

The newest names will be published this month in newspapers statewide with the hopes that people will collect what's owed to them.

“Though the average claim is under $100, there are hundreds of Illinois residents who will see windfalls of $10,000 and more,” Illinois State Treasurer Alexi Giannoulias said. “I encourage everyone to check the papers and our Web site. It is always free and easy to file a claim.”

The new list of unclaimed property owners will appear this week in newspapers in many Illinois counties, including Grundy, Kankakee and La Salle.

At least a dozen people in the Feb. 17 publication cycle are owed more than $5,000.

Among the top dollar owners are Leanna Grogan and Frank M. Tosi Trust, with a last know address of Morris, who have rights to in excess of $10,000.

Unclaimed property consists of money and other assets held by banks and other businesses that are considered lost or abandoned after an owner cannot be located for more than five years.

Common forms of unclaimed property include paid-up life insurance policies, forgotten bank accounts, safe deposit box contents and even entire estates.

Property owners' names are published in the county that corresponds to the last known address provided by the bank or business that turns over the property. In many cases, cash and assets become lost because their owners move and forget to furnish their broker, bank, employer or insurance company with a forwarding address.

Eventually, the money makes its way to the Treasurer's Office for distribution.

There are many ways for citizens to find out if the Treasurer is holding their property. Along with checking the local newspaper in February and August of each year, residents can search the Treasurer's database by visiting www.treasurer.il.gov, following the Cash Dash link and typing in a name.

When a person finds their name listed in the newspaper or on the Cash Dash Web site, he or she must mail a written inquiry to the Treasurer's Office. The inquiry should include a current name and address, previous names, past addresses, a Social Security number and the relationship or authority if he or she is an heir. Claims cannot be approved without Social Security numbers.

For more information about unclaimed property, visit www.treasurer.il.gov or write the Illinois State Treasurer, Unclaimed Property Division, P.O. Box 19495, Spring-field, IL, 62794-9495.