Home Work
Do You Have Money Waiting For You?
In a recent Gallup poll, women ranked financial issues as the most pressing personal concern in their lives-ahead of family, health, time, stress, and equal rights. If you're a woman who could use a little extra cash, we may have an easy way for you to get it: $1 billion is owed to people in Illinois, and most of them have no idea they lost it.
HOI 19 News looked at the long list of people on the state's registry who live in Peoria, Tazewell, Mclean, and Woodford counties. There are thousands of people owed money, and many could get more than $5,000 back. "This year already we've sent a record $55.7 million back to its owners," said State Treasurer Judy Baar Topinka, who beefed up the Cash Dash program when she took over in 1999.
So why would someone forget or misplace thousands of dollars? Director of Unclaimed Cash Alissa Camp said people tend to forget about bank CDs, deposits, and college bank accounts. But the most likely scenario is lost friends and relatives. Camp said family members often put names in their will and no information on where to find that person. Sometimes, people have life insurance and don't tell their families, or they put valuable jewelry in a safety deposit box and don't tell anyone.
In all of those scenarios, the money goes to the state. The state can't use the money; it just sits in a bank or the state's gigantic vault in Springfield. If it's a large amount of money or very valuable property, an official from the treasurer's officer might take the initiative to call that person instead of waiting for them to figure it out.
Topinka said when her colleagues call to let Illinois residents know they have unclaimed cash, people often think it's a joke. "People hang up on them. They think this is a scam, like they're trying to sell lots in the Everglades or something," she said.
If your name is on the list, don't plan on getting the money or property back soon, however. The treasurer's office is so bogged down with claims, it can't keep up. "The program has grown by leaps and bounds. Some people don't think we're turning in claims fast enough, but we're actually doing a very good job," said Camp.
The average wait is about five months. If you're trying to prove you're the heir in a will, it takes longer, but that's for good reason. "We had an instance where a girl faked her father's death certificate and claimed the money, and then her dad put in a claim," said Camp.
To see if you're on the list, visit www.cashdash.net, click on "continue," then "owners," and type in your name. If you find your name is on the list for a relative's safety deposit box, you may be in for a surprise. Camp said she often finds naked photos and blackmail letters. Sports cards, gold coins, and stamps are also common.
If you don't claim your property within 10 years, it goes to auction, and the money raised is saved for you or your relatives. The state auctions off old property the last day of the state fair in Springfield, which is August 21 this year. TPW
HOI 19 News looked at the long list of people on the state's registry who live in Peoria, Tazewell, Mclean, and Woodford counties. There are thousands of people owed money, and many could get more than $5,000 back. "This year already we've sent a record $55.7 million back to its owners," said State Treasurer Judy Baar Topinka, who beefed up the Cash Dash program when she took over in 1999.
So why would someone forget or misplace thousands of dollars? Director of Unclaimed Cash Alissa Camp said people tend to forget about bank CDs, deposits, and college bank accounts. But the most likely scenario is lost friends and relatives. Camp said family members often put names in their will and no information on where to find that person. Sometimes, people have life insurance and don't tell their families, or they put valuable jewelry in a safety deposit box and don't tell anyone.
In all of those scenarios, the money goes to the state. The state can't use the money; it just sits in a bank or the state's gigantic vault in Springfield. If it's a large amount of money or very valuable property, an official from the treasurer's officer might take the initiative to call that person instead of waiting for them to figure it out.
Topinka said when her colleagues call to let Illinois residents know they have unclaimed cash, people often think it's a joke. "People hang up on them. They think this is a scam, like they're trying to sell lots in the Everglades or something," she said.
If your name is on the list, don't plan on getting the money or property back soon, however. The treasurer's office is so bogged down with claims, it can't keep up. "The program has grown by leaps and bounds. Some people don't think we're turning in claims fast enough, but we're actually doing a very good job," said Camp.
The average wait is about five months. If you're trying to prove you're the heir in a will, it takes longer, but that's for good reason. "We had an instance where a girl faked her father's death certificate and claimed the money, and then her dad put in a claim," said Camp.
To see if you're on the list, visit www.cashdash.net, click on "continue," then "owners," and type in your name. If you find your name is on the list for a relative's safety deposit box, you may be in for a surprise. Camp said she often finds naked photos and blackmail letters. Sports cards, gold coins, and stamps are also common.
If you don't claim your property within 10 years, it goes to auction, and the money raised is saved for you or your relatives. The state auctions off old property the last day of the state fair in Springfield, which is August 21 this year. TPW