Soon thousands of people across the United States will have the opportunity to receive up to $5,000.00 in their mailbox. This will be possible thanks to the state unclaimed property program.
In this sense, every citizen has the right to check whether he has any and just has to check his mailbox.
Little is known about the subject, but every North American state has an area dedicated to receiving any kind of money that its recipients have not received.
Here we find tax refunds, money in abandoned bank accounts or stimulus checks that didn’t reach their destination. Therefore, this “lost” money is called unclaimed property.
Furthermore, it was very common for people to receive the money in question and not know that it actually always belonged to them.
In this sense, Illinois Treasurer Michael Frerichs announced that this state would begin sending payments to a certain number of people.
More than 66,000 residents are now eligible for up to $5,000 from the state’s unclaimed property program. However, it is each person’s responsibility to check whether they have unclaimed property.
What about the specific case of Illinois?
In that state, lawmakers agreed to increase the automatic payment limit to $5,000.00. All thanks to the Treasurer’s agreement with the Illinois General Assembly and in conjunction with the Money Match program.
The goal is to provide faster payments to residents who are owed money under the unclaimed property program.
Since the announcement of check mailings in August, Enhanced Money Match letters have been issued to 66,700 eligible residents.
Therefore, the program is expected to return nearly $47 million to residents.
It is also important to clarify that many of those eligible have already received $5,000.00 in their mailboxes. However, the amount they receive depends on how much money they have as unclaimed property.