This effort falls under the broader Unclaimed Property program, encompassing unattended safety deposit boxes, unclaimed life insurance benefits, forgotten bank accounts, and unused rebate cards as funding sources.
The Unclaimed Property program, led by State Treasurer Michael Frerichs, is poised to disburse approximately $47 million to some 66,700 eligible state residents through its Money Match initiative
Legal mandates dictate the return of the Unclaimed Property program to its rightful proprietors or heirs. In response, Frerichs collaborated with the General Assembly to refine the Money Match program, prioritizing citizen welfare.
The improvements involve streamlining the process for reimbursing individuals and elevating the cap on automatic payments from $2,000 to $5,000, a measure aimed at enhancing convenience and providing recipients greater financial autonomy.
The Money Match program leverages state-gathered data, cross-referencing it with the treasurer’s unclaimed property program database
Eligible recipients will initially receive a notification detailing their owed amount and the corresponding rationale. Following an additional security verification, the treasurer’s office will dispatch a check to the rightful owner.
This approach ensures simplicity, requiring beneficiaries to monitor their mail for the forthcoming funds. Fundamentally, the program harnesses existing state data and technology to identify and restore unclaimed property to Illinois residents.
Through these streamlined procedures and heightened payment thresholds, the state seeks to guarantee that these funds promptly reach their lawful owners, offering a financial lift to thousands of residents.
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