Treasurer Giannoulias seeking 55,000 owners of lost cash

North Shore woman receives record $1.2 million payout

February 8, 2008

Jeff Gorrill doesn’t remember how many years it’s been since he worked at College of Lake County, and he can’t imagine how he forgot to pick up a paycheck.

But the Grayslake resident knows that it was easy to track down the money on Illinois State Treasurer Alexi Giannoulias’ website, file a claim and get a check for $135 in the mail in three week’s time.

“It was kind of painless,” he said.

Gorrill is in good company. More than 55,000 people and businesses have had money and assets turned over to Illinois Treasurer Alexi Giannoulias’ Office since August 2007, bringing the total number of unclaimed property claimants to a whopping 10 million.

The newest names will be published this month in newspapers statewide with the hopes that people will collect what’s owed to them. The names are also on the state’s searchable database at www.treasurer.il.gov if you follow the Cash Dash link.

“Though the average claim is under $100, there are hundreds of Illinois residents who will see windfalls of $10,000 and more,” Illinois State Treasurer Alexi Giannoulias said. “I encourage everyone to check the papers and our website. It is always free and easy to file a claim.”

The Treasurer’s Office recently reached out to a North Shore resident who is owed a record $1.2 million in proceeds from liquidated stock and related dividends.

The woman, who asked that her name be withheld, lost track of the investment because the stock’s annual report was not forwarded to her new address after a move.

Unclaimed property consists of money and other assets held by banks and other businesses that are considered lost or abandoned after an owner cannot be located for more than five years. Common forms of unclaimed property include paid-up life insurance policies, forgotten bank accounts and safe deposit box contents.

Jeffrey Zehner of Chicago recently received a check for $107 from another common claim; he was the heir to a forgotten estate.

“What a pleasure to deal with an arm of government that was timely, efficient, and courteous,” he said.

Property owners’ names are published in the county that corresponds to the last known address provided by the bank or business that turns over the property. In many cases, cash and assets become lost because their owners move and forget to furnish their broker, bank, employer or insurance company with a forwarding address. Eventually, the money makes its way to the Treasurer’s Office for distribution.

There are many ways for citizens to find out if the Treasurer is holding their property. Along with checking the local newspaper in February and August of each year, residents can search the Treasurer’s entire database by visiting www.treasurer.il.gov, following the Cash Dash link and typing in a name.

Janice Lebouef of Yorkville recently received an $82 check after a relative found her name on the online database.

“I was told about this by my son’s mother-in-law. She said she had put everyone’s name in that she could think of and mine struck pay dirt,” she said.

Throughout the year, the Treasurer sponsors outreach activities to help citizens who are unfamiliar with unclaimed property or who do not have Internet access to search the database for the property. In addition, state legislators are provided with list of new property owners in their districts twice a year and asked to contact the individuals.

For more information, contact the Treasurer’s Office at (217) 782-2211 or (312) 814-1700.