Illinois Treasurer Frerichs Says I Cash Program Tops $2.5 Billion Returned

SPRINGFIELD — Illinois Treasurer Michael Frerichs announced that the state’s I Cash program has returned more than $2.5 billion in unclaimed money to residents, businesses, and nonprofits since he took office in 2015, marking a record for the long running program. Officials said more than 2.5 million people and organizations have recovered money through the system, which includes forgotten bank accounts, uncashed checks, unpaid life insurance claims, and abandoned safe deposit box contents. Frerichs said his office modernized the program by allowing electronic claims, using state data to match owners with funds, and creating the Enhanced Money Match system that automatically returns money after verification, which has sent more than $130 million back to residents since 2018. A recent example included $440,000 from a late Bolingbrook couple that was sent to St. Jude Children’s Research Hospital after the funds were turned over to the state by a bank as required by law. Officials said the office also took action against life insurance companies that failed to pay benefits, resulting in more than $500 million being returned to beneficiaries after audits and legislative changes. Frerichs said the program is designed to ensure money is returned to rightful owners or heirs regardless of how long it takes.