Frerichs Announces Record $2.5 Billion Returned Through Illinois I-Cash Program (Springfield, IL) – Illinois State Treasurer Michael Frerichs announced his office has returned more than $2.5 billion in unclaimed property to residents, businesses and nonprofits, marking a record milestone for the state’s long-running I-Cash program.
Since taking office in 2015, Frerichs said more than 2.5 million individuals and organizations have been reunited with missing money through the program, which dates back to the 1960s. The treasurer credited modernization efforts, including electronic claims filing and proactive outreach, for accelerating returns.
“We took a lot of steps to fix our state’s unclaimed property program and put money back in people’s pockets where it belongs,” Frerichs said. “Our approach is to run a different kind of government office that uses our tools to fight for the people of Illinois.”
A recent return that helped push the total past $2.5 billion involved $440,000 left by a Bolingbrook couple, Joseph and Emilia Maldonado, to St. Jude Children’s Research Hospital. After the couple’s deaths, the funds were transferred to the state as unclaimed property before being located and delivered to the nonprofit.
Unclaimed property can include forgotten bank accounts, uncashed checks, unpaid life insurance benefits and items from abandoned safe deposit boxes. By law, such assets are turned over to the treasurer’s office when financial institutions cannot locate the rightful owners.
A major focus of Frerichs’ tenure has been reforming how life insurance benefits are handled. State audits uncovered more than $550 million in unpaid death benefits owed to Illinois families. Subsequent legislation required insurers to identify deceased policyholders and pay beneficiaries, leading to more than $500 million being distributed.
“People buy life insurance policies to help take care of family after they pass, not boost the bottom line of insurance companies,” Frerichs said.
The office also launched the Enhanced Money Match program, which allows some payments to be issued automatically by verifying information across state databases. Since 2018, the program has returned more than $130 million to over 870,000 individuals without requiring formal claims.
Other notable returns include an $11 million payout to a Chicago estate—reported as the largest single unclaimed property return in U.S. history—as well as millions distributed to charities and families through targeted outreach efforts and regional telethons.
Frerichs encouraged residents to check the I-Cash website regularly, noting that claims can be filed at any time and funds remain available indefinitely.
The Illinois State Treasurer’s Office manages roughly $60 billion in assets and oversees programs aimed at expanding financial security, including college savings and retirement initiatives.
Frerichs Announces Record $2.5 Billion Returned Through Illinois I-Cash Program
