How long does the state of Illinois hold unclaimed property?

In the narratives below, the property remained unclaimed for well over five years, so the property was turned over to the Treasurer’s Office for safekeeping until the owner can be identified. Illinois is a custodial state and will hold these assets indefinitely for the owner or legal heir.

Is the Illinois unclaimed property legit?

Illinois holds more than $3.5 billion in unclaimed property. “We are making every effort to reach residents across the state to inform them about our unclaimed property program and to reassure them that this program is legitimate and not a scam,” Frerichs said.

How long does it take to get unclaimed money in Illinois?

1. How long does it take to process a claim? All new claims and re-reviews are processed based on the date received at our office. The first review of any claim paperwork may take up to 90 days of receipt dependent on incoming volume of claims.

How to claim your unclaimed property?

So the first step in claiming unclaimed property is to find the property on the aforementioned state government pages.

  • You’ll then need evidence the funds are yours.
  • Most states require you to sign and notarize the form before sending it in.
  • Finally mail the form in and wait.
  • Where can you find unclaimed property?

    Unclaimed property includes funds from savings or checking accounts, uncashed dividends, insurance policies, or other accounts that the owner may be unaware of or forgotten. Banks, credit unions, insurance companies and other businesses must report unclaimed property to DOR each year by November 1.

    What does unclaimed property really mean?

    Unclaimed property is any financial asset that has been abandoned or unclaimed by the rightful owner for a specific period of time.

    Is there unclaimed property with Your Name on it?

    It may sound too good to be true, but there may be valuable unclaimed property out there with your name on it. The term generally refers to financial assets being held for owners who haven’t been found. Just a few examples include uncashed dividend and payroll checks; unclaimed tax refunds; and insurance payments, refunds or policies with cash value.