![]() ![]() Unified Unclaimed Property ActĪlthough each state has its own unclaimed property program, most have enacted a version of the Unified Unclaimed Property Act (UUPA). There is no time limit within which to make a claim typically even heirs can collect this property. Currently billions of dollars are being held by state run unclaimed property programs, just waiting to be returned to the rightful owners. In the case of tangible property, many states put the property up for auction and then keep the acquired funds to return to the owner. The state then holds the property with the purpose of returning it to the proper owner. The state the property gets remitted to is determined based on the owner’s last known address. If the property cannot be returned to the owner by the holding company, it is required to be reported and remitted to the appropriate state for custodial purposes until claimed by the owner. A company who holds unclaimed property must try to contact the owner with due diligence to return the property. For accounts to be considered unclaimed, they need to have no activity generated or contact with the owner for one year or longer as determined individually by each state. Businesses, other than banks, can have unclaimed property in the form of uncashed payroll or vendor checks, customer overpayments or security deposits. It can be intangible property such as bank accounts and security investments, but may also be tangible property such as items stored in a safe deposit box. Check back every six months because hundreds of thousands of new properties are added to the Illinois Treasurer’s "I-Cash" program throughout each year.Unclaimed property is defined as property that has been abandoned by the owner.Mail back your signed claim form and ownership proof, and you will receive your cash within weeks.Within minutes, "I-Cash" will email you a claim form to sign and mail along with proof of ownership to claim your assets.Identify your properties and provide your contact information online.Unclaimed property reunited with Illinoisans via ICash. So check away! Property has been reunited with residents across the state. The property doesn't only belong to individuals but to small businesses, nonprofits, government entities and more. This can include money in unclaimed bank accounts, insurance and utility refunds, matured CDs, stocks, contents of safe deposit boxes and more. You may be wondering what types of unclaimed property may be discovered - I know I was certainly curious! Property may include assets from banks, insurance companies, utilities and more that the institutions were unable to return. ![]() Score! Amazingly, 1 in 4 Illinois residents find unclaimed property when they search. Then, fill in your name and zip code and hit search to see if there is any outstanding property in your name! Each year the program helps reunite tens of thousands of Illinoisans with forgotten property. Hmmmmm.that can come pretty handy at the holidays! Plus, my birthday is around the corner.I'm just saying. I tried it last week with my husband and quickly learned that he has an outstanding PayPal amount that he totally forgot about. Fortunately, the Illinois Treasurer has a simple program called "I -Cash" where you can easily discover and claim any outstanding property. With so much property safeguarded, you may feel a little trepidation in pursuing missing property, or concerned about facing a cumbersome process. Wow! That is a lot of property that can be put to good use. This amounts to about $2.5 billion in unclaimed cash. What you may not know is that the Illinois Treasure safeguards the unclaimed property of millions of Illinois residents. We have all done it - lost track of a check or forgotten about the remaining balance in an old account. All opinions are 100% my own and I am happy to share this with my audience because the program may be of use to them. **Disclosure: This post has been sponsored by "ICash".
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