It's now easier for people to receive unclaimed property in Illinois, if it's less than $500. The Illinois Treasurer's office has added a couple of online tools to submit paperwork and get money quickly.
Illinois Treasurer Mike Frerichs says the improved, I-Cash website will save time and money. Part of his job is to distribute $2.9 billion in unclaimed money and other assets held by the state.
But even if the treasurer's office finds the right owner, many of the claims are for less than $100. Frerichs says, "They complain that it's not worth the effort for less than $100. They've never heard of it. Or they just don't trust the state of Illinois and think it's a scam."
Most unclaimed cash amounts to less than $500. People can use the new E-Claim tool to upload documents securely. And Fast Track allows his office to automate the review process for quick approval. But those who file claims for more than $500 must continue to send paperwork to the Illinois Treasurer by mail.
