- Published: Wednesday, February 22, 2017 12:53 PM
SPRINGFIELD – State Sen. Linda Holmes, D-Aurora, announced today that a joint effort with Illinois Treasurer Michael Frerichs’ office is delivering $30,000 in unclaimed property to two Aurora charities, the Salvation Army and First Christian Church. The two organizations are each claiming 20 percent of a $78,000 estate from an Aurora woman who passed away in 1991. After the original owner passed away, her bank accounts were eventually turned over to the state.
“The Illinois Treasurer’s I-Cash program is an important consumer protection that secures lost bank accounts and other unclaimed property for as long as it takes to return it to its rightful owners,” Holmes said. “I applaud Treasurer Frerichs for expanding efforts to locate rightful owners. It is an honor for us to help in the effort, and it is especially rewarding when the assets go toward a good cause.”
Illinois Treasurer Michael Frerichs is currently safeguarding $2.7 billion in recovered cash belonging to millions of Illinois residents. Shortly after taking office in 2015, Frerichs launched an intensive effort to track down the owners of large properties that had languished for years, especially those belonging to nonprofit organizations, employers, and estates. The Treasurer’s office is partnering with Holmes because residents of Aurora and Naperville have more than $18 million and $21 million in unclaimed property respectively, among the highest for any city in the state.
“I applaud legislators like State Senator Holmes for working with my office to return to her constituents what is rightfully theirs,” said Frerichs. “We hope more legislators and constituents take advantage of this program. Our office is holding tens of millions from the municipalities in Sen. Holmes’ district. To find out if you have money or property that belongs to you, please visit the treasurer’s office website at www.illinoistreasurer.gov/ICASH.”
Through the I-Cash program, tens of thousands of Illinois residents discover and claim property each year, and the average claim paid is $2,900. A number of much larger properties remain to be claimed in the area, including: $91,000 from a CD account in Aurora, $110,000 from a savings account in Naperville, $104,000 from an investment account in North Aurora, and $100,000 in life insurance benefits in Montgomery.