ST. LOUIS- The state of Illinois still holds $3.5 billion in unclaimed property assets, but State Treasurer Michael Frerichs said Thursday that $226 million was returned over the last fiscal year which ended June 30.
“Too many people unknowingly are separated from their money and other valuables. It is our job to fix that,” Frerichs said in a news release. “We are proud that the commonsense improvements we have made to the unclaimed property program make this effort quicker, easier and more efficient.”
Frerichs also credits a change in state law that allows the Treasurer to send the assets to recipients without the recipient starting the claim process.
Illinois processed 174,000 claims during the last fiscal year, with the average claim paying out $1,000.
The public can still access the state’s Unclaimed Property website to see if they have any assets in state custody.
In Missouri, Treasurer Scott Fitzpatrick announced last month that the state returned $47,180,314 in Unclaimed Property to more than 200,000 accounts, both state records, during the past fiscal year.