I-Cash program returns $226 million in unclaimed property

Posted on August 6, 2021
Illinois Treasurer Michael Frerichs. (WJBC File Photo)

By WJBC Staff

SPRINGFIELD – One of the state’s oldest consumer-protection initiatives returned $226 million in lost and misplaced money to an estimated 174,000 people last year.

The program, often referred to as I-Cash, safeguards unclaimed property such as unpaid life insurance benefits, forgotten bank accounts and unused rebate cards until it can be returned to its owner, said Illinois Treasurer Michael Frerichs.

The state treasurer is required to return the money no matter how long it takes, according to a news release.

“Too many people unknowingly are separated from their money and other valuables. It is our job to fix that,” Frerichs said. “We are proud that the commonsense improvements we have made to the unclaimed property program make this effort quicker, easier and more efficient.”

The average amount returned was $1,000.

WJBC News can be reached at [email protected]

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