The Illinois State Unclaimed Property Program announced that eligible residents in the state will receive an amount of up to $5,000.
$5,000 in Unclaimed Property Checks
An amount of up to $5,000 in unclaimed property checks will be sent to eligible residents in Illinois, according to the Illinois State Unclaimed Property Program. The state refers to the unclaimed property tax as the funds and assets held by the state that belong to individuals but have not yet been claimed.
In a published article in NASDAQ, around 66,000 residents in the state could receive up to $5,000 in unclaimed checks. This is estimated to be roughly $47 million that will be automatically sent to their mail.
Illinois State Treasurer Michael Frerichs said, “All they have to do is endorse it and cash the check. We’ve tried to make it very easy to remove excuses that people have had to put more money into our economy.”
Are You Eligible To Receive the Unclaimed Property Checks?
According to an article published in Yahoo News, the following are the eligibility criteria:
- Former and Current Illinois Residents: Both former and current residents of Illinois may have unclaimed property checks waiting for them. These checks could originate from various sources, including forgotten bank accounts, insurance policies, utility deposits, or uncashed paychecks.
- The Deceased and Their Heirs: In some cases, unclaimed property checks may belong to individuals who have passed away. These funds can often be claimed by their heirs or beneficiaries.
- Proactive Searchers: Even if you’re unsure whether you have unclaimed property, it’s worth conducting a search. You may be pleasantly surprised to find that you’re eligible for a check.