Treasurer announces “economic stimulus” for IL families
Giannoulias: Cash Dash is change you can bank on

February 3, 2009

During these uncertain economic times, Illinois State Treasurer Alexi Giannoulias wants to put more than $1 billion back in the hands of 10 million Illinois residents and businesses.

This “economic stimulus” comes from lost accounts collected by the state’s unclaimed property division that Giannoulias wants to reunite with their rightful owners or heirs.

Since August 2008, the Treasurer’s Office has added 58,000 new names to the list who are owed more than $70 million.

The Treasurer’s Office will publish the new names in Central Illinois newspapers (a complete list is below) during the week of Feb. 8. The lists contain the names of Illinois residents who are owed $100 in cash, any value of stock or have lost safe deposit box contents such as jewelry or other valuables.

To claim the money or assets, an owner or heir must locate his or her name on the Cash Dash list or on the state’s online database and provide proof of their identity.

“The Cash Dash program is a free service that can put change in your pocket or change your life,” Giannoulias said. “This money belongs to the people of Illinois and we are constantly trying to find new, effective ways to get it back in their hands.”

In an effort to cut costs and return more money, the Treasurer’s Office recently started contacting possible claimants by mail before publishing their names.

Last spring, the office attempted to contact 3,700 residents via mail. Nearly 830 responded and collected $964,000. This saved the office almost $10,000 in publication costs, including postal fees. Another 8,200 letters went out in January prior to this publication cycle.

Dale Wood, a Springfield retiree, recently found his deceased father’s name on the database, filled out the required forms online, submitted them in person and had a check for over $6,000 in just three weeks.

Wood thinks others should follow his lead and search for family member’s names online and in the upcoming publication. In his case, he found money that he didn’t know existed, and he was eligible to claim it as the sole heir. The money had been at the Treasurer’s Office for over a decade.

“If you asked me to rate this process on a scale of one to 10, it was a 10,” he said.

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 and safe deposit box contents.

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.

In 2008, Treasurer Giannoulias returned $75 million to almost 42,000 Illinois residents and businesses. Among the year’s highlights, the Treasurer’s Office and newscaster Tiki Barber surprised a Kenilworth family on Dateline NBC in July with a $575,000 check.

There are many ways for residents 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 entire database by visiting www.treasurer.il.gov, following the Cash Dash link and typing in a name.

Throughout the year, the Treasurer sponsors outreach activities to help residents who are unfamiliar with unclaimed property or who do not have Internet access to search the database for the property. In addition, the Treasurer’s Office provides state legislators with a list of new unclaimed property owners in their districts twice a year and they are asked to contact the individuals.

Residents who want more information on unclaimed property should contact the Treasurer’s Office at (217) 782-2211 or (312) 814-1700.

NOTE: Reporters who would like to interview local unclaimed property recipients should contact the media number at the top of this release. To find out who is publishing the list in your area, see the publication list on following page.

Cash Dash List Schedule