Eligible residents in Illinois will receive an amount of $5,000 in checks if they meet the eligibility criteria set by the assigned department.
$500 in checks will be sent to the eligible residents in Illinois. (Photo: CNET)
$5,000 in Checks for Eligible Residents in Illinois
Thousands of residents in Illinois will receive $5,000 in checks under the Illinois State Unclaimed Property Program. The state refers to unclaimed property as the funds and assets held by the state that belong to an individual but have not yet been claimed.
In a published article in GO BANKING RATES, the eligible claimants will receive an amount of $5,000 that will automatically be sent to around 66,000 people. Lawmakers in the state have agreed to raise the automatic payment cap to $5,000, which used to be $2,000.
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Eligibility Requirement for the $5,000 in Checks
Not everyone in the state will receive the $5,000, here are the eligibility criteria:
- Former and Current Illinois Residents: Both former and current residents of Illinois may have unclaimed property checks waiting for them. These checks could originate from various sources, including forgotten bank accounts, insurance policies, utility deposits, or uncashed paychecks.
- The Deceased and Their Heirs: In some cases, unclaimed property checks may belong to individuals who have passed away. These funds can often be claimed by their heirs or beneficiaries.
- Proactive Searchers: Even if you’re unsure whether you have unclaimed property, it’s worth conducting a search. You may be pleasantly surprised to find that you’re eligible for a check.
Moreover, Illinois State Treasurer Michael Frerichs said, “All they have to do is endorse it and cash the check. We’ve tried to make it very easy to remove excuses that people have had to put more money into our economy.”
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