Government groups partner to recover cash and assets for businesses

(CHICAGO) Two government groups will partner together to facilitate the return of recovered cash, such as unpaid commissions, and assets to retailers across the state.

The state’s I-Cash program and the Illinois Retail Merchants Association will work together to help nearly a thousand companies with $25,000 or more in unclaimed property, totaling more than $80 million, reclaim the money, according to a statement from the treasurer’s office.

The groups are encouraging retailers to initiate their claims and assist in the process, according to the statement.

Some of the unclaimed property includes: money from inactive savings and checking accounts, unpaid wages, unpaid commissions, stocks, bonds, mutual funds, money orders, bill overpayments, paid-up life insurance policies and safe deposit box contents, according to the statement.

Through the I-Cash program, the Illinois Treasurer has returned more than $1.7 million in cash and property to businesses to date, but there are tens of millions to be recovered. Last year, the program recovered $163 million in cash and property for businesses, according to the statement.

“This is the first time we have partnered with the treasurer’s office, and we look forward to helping our Illinois retailers reunite with money or property they did not realize they had waiting to be claimed through I-Cash,” said Rob Karr, IRMA CEO, in a statement.