Unclaimed Property in Illinois: How to Find and Reclaim Your Lost Assets

Unclaimed property is a significant issue across the United States, with billions of dollars held in government accounts waiting to be claimed by their rightful owners. Illinois, with its robust economy and large population, has its own substantial share of unclaimed property.

This article provides an overview of unclaimed property in Illinois, how it accumulates, the steps to find out if any of it belongs to you, and how to reclaim it. Additionally, we’ll mention real-life success stories from various states to illustrate the potential impact of reclaiming unclaimed property.

Understanding Unclaimed Property

Unclaimed property refers to financial assets or valuable items that have been left inactive or forgotten by their owners.

When these assets remain unclaimed for a specific period, known as the dormancy period, businesses are required by law to turn them over to the state.

This ensures the funds are safeguarded until the rightful owners or their heirs claim them.

The Scope of Unclaimed Property in Illinois

Illinois holds a significant amount of unclaimed property. As of 2023, Illinois’s unclaimed property program had over $3.5 billion in unclaimed assets waiting to be returned to their rightful owners. These assets include bank accounts, stocks, dividends, refunds, life insurance benefits, and even utility deposits.

How Does Property Go Unclaimed?

Unclaimed property can result from a variety of everyday occurrences. People often move without updating their address with financial institutions, or they misplace account information. Sometimes, the heirs to a deceased person’s estate are unaware of certain assets. In other cases, businesses lose contact with customers or shareholders, leading to unclaimed funds.

Types of Unclaimed Property

The types of unclaimed property can be quite varied. Some common examples include:

  • Bank Accounts: Dormant savings and checking accounts that haven’t seen activity for years.
  • Uncashed Checks: Payroll checks, refund checks, and dividend checks that were never cashed.
  • Insurance Benefits: Life insurance policies and annuities that remain unclaimed.
  • Utility Deposits: Security deposits for utilities that were never collected.
  • Stocks and Bonds: Shares of stock or bond dividends that went unclaimed.
  • Safe Deposit Boxes: Contents of abandoned safe deposit boxes, including jewelry, coins, and important documents.

Finding Unclaimed Property in Illinois

The process of finding unclaimed property in Illinois is simpler than you might think, thanks to the Illinois State Treasurer’s Office, which maintains an easy-to-use online database. Here’s how you can start your search:

  1. Visit the Official Website: Head over to the Illinois State Treasurer’s unclaimed property website.
  2. Enter Your Information: Input your name and any other required information into the search fields.
  3. Review the Results: The search will generate a list of potential matches. Review these carefully to see if any belong to you.
  4. File a Claim: If you find property that belongs to you, follow the instructions to file a claim. This typically involves providing proof of identity and any relevant documentation to prove ownership.

Claiming Your Unclaimed Property

Once you have identified unclaimed property that belongs to you, the next step is to file a claim. The process usually involves:

  1. Proof of Identity: Submit a copy of a government-issued ID, such as a driver’s license or passport.
  2. Proof of Ownership: Provide documents that prove your right to the property. This could include old account statements, utility bills with your address, or any other relevant paperwork.
  3. Submit the Claim Form: Complete and submit the claim form available on the State Treasurer’s website.
  4. Follow Up: After submitting your claim, follow up if necessary. The processing time can vary, and additional information may be required.

Tips for a Smooth Claim Process

While claiming unclaimed property is generally straightforward, there are some tips to ensure a smooth process:

  • Keep Records: Maintain good records of your financial transactions and personal documents.
  • Update Information: Always update your address and contact information with banks, insurance companies, and other financial institutions.
  • Check Regularly: Make it a habit to check for unclaimed property periodically. Assets can go unclaimed for various reasons, and checking regularly increases your chances of finding something.

Real-Life Success Stories

Reclaiming unclaimed property can lead to substantial financial windfalls, as illustrated by these real-life success stories:

  1. California: In 2021, the California State Controller’s Office returned more than $330 million in unclaimed property to residents. One notable case involved a resident who reclaimed over $200,000 from an unclaimed life insurance policy .
  2. Texas: In 2019, a man in Texas discovered that he had over $3 million in unclaimed property, including stocks and bonds, which he was able to reclaim through the Texas Comptroller’s Office .
  3. New York: New York, with its $17 billion in unclaimed property, has numerous success stories. For instance, one family reclaimed over $1 million from a forgotten bank account belonging to a deceased relative .
  4. Illinois: A resident of Illinois found over $100,000 from a dormant bank account that had been forgotten for years. This was reclaimed through the Illinois State Treasurer’s Office, demonstrating the potential impact of unclaimed property programs .

The Importance of Reclaiming Unclaimed Property

Reclaiming unclaimed property is not just about recovering forgotten funds; it can also significantly impact your financial well-being. Extra funds can be used to pay off debts, invest in opportunities, or simply enhance your financial security. Additionally, reclaiming these assets ensures they are returned to the rightful owners, reducing the amount of unclaimed money held by the state.

How to Prevent Your Money from Becoming Unclaimed

Preventing your money from becoming unclaimed involves a few proactive steps:

Forgotten Loot
  • Keep Financial Records Up to Date: Regularly update your contact information with all financial institutions and organizations you do business with.
  • Communicate with Beneficiaries: Ensure that your heirs and beneficiaries are aware of any life insurance policies, retirement accounts, or other assets they may inherit.
  • Monitor Your Accounts: Regularly check your financial accounts, including bank accounts, investment accounts, and insurance policies.
  • Respond to Notifications: Pay attention to mail and email notifications from financial institutions. These communications often include important information about your accounts.
  • Consolidate Accounts: If you have multiple accounts, consider consolidating them to make management easier and reduce the risk of forgetting about them.


Unclaimed property in Illinois represents a substantial pool of financial assets waiting to be claimed by their rightful owners. With over $3.5 billion in unclaimed property, there is significant potential for individuals to recover forgotten or unknown assets.

By understanding the process and regularly checking for unclaimed property, you can ensure that any owed money finds its way back to you. Take the time to search and claim what’s yours—your financial future could benefit greatly.

For more detailed information and to start your search, visit the Illinois State Treasurer’s unclaimed property website.

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