In a significant financial initiative, Illinois has successfully returned almost 9 million in unclaimed assets to rightful owners during 2024. The state's Treasurer, Michael Frerichs, highlighted this achievement, emphasizing the importance of returning lost funds to families and supporting the local economy. The program, known as I-CASH, processed over 330,000 claims last year, distributing both cash and securities. This effort not only aids individuals but also contributes positively to the economic landscape of Illinois.
The I-CASH program, one of the oldest consumer protection initiatives in the state, has seen substantial improvements under Treasurer Frerichs' leadership. Since taking office in 2015, he has introduced several reforms aimed at streamlining the claims process. One of the most notable changes is the implementation of electronic claims, which has significantly reduced bureaucratic delays, especially for smaller claims. These technological advancements have made it easier for people to reclaim their forgotten assets, including life insurance benefits, bank accounts, rebate cards, and contents of safe deposit boxes.
Prior to these reforms, the number of claims paid annually was considerably lower. In 2003, only about 25,000 claims were processed each year. By 2015, this number had increased to approximately 60,000. Today, thanks to the modernized system, more than 300,000 claims are resolved annually. The average claim amount stands at around 2, demonstrating the tangible impact on individual households. Treasurer Frerichs emphasized that putting money back into people's pockets helps families and supports the broader economy.
Through innovative reforms and leveraging technology, the Illinois State Treasurer’s Office has transformed the unclaimed property process. The success of the I-CASH program underscores the importance of efficient government services in directly benefiting citizens. The increase in the number of claims processed and the ease with which people can now reclaim their lost funds highlight the positive changes brought about by these initiatives, ultimately enhancing public trust and economic stability in Illinois.
