Unclaimed Bank Accounts in Illinois: Why They Happen and How to Claim Your Money

Unclaimed bank accounts can feel like a mystery. You may have had an old checking account, a forgotten savings account, or a closed business account that somehow still holds money. In Illinois, these funds usually end up as unclaimed property managed by the state until the rightful owner claims them.

This guide explains how unclaimed bank accounts in Illinois typically happen, how to search for them, and what to expect when filing a claim through official state channels. It is for general information only. HowToGetAssistance.org is not an Illinois government office or a claim-processing site. To actually search for and claim funds, you must go through the official state unclaimed property system or contact the appropriate state office.

What Is an Unclaimed Bank Account in Illinois?

In Illinois, an unclaimed bank account is usually a:

• Checking or savings account
• CD (certificate of deposit)
• Money market account
• Safe deposit box contents (after certain procedures)
• Other deposit accounts held by a bank or financial institution

that has had no owner activity for a specific period of time, and the bank has been unable to reach the owner.

When that happens, the account is classified as “abandoned” or “unclaimed property” under Illinois law. Banks are then required to turn the funds over to the State of Illinois, which holds them for the owner or heirs.

You do not lose your right to the money just because it is unclaimed. In most cases, the state will hold it indefinitely until a valid claim is filed.

How Do Bank Accounts Become Unclaimed in Illinois?

Unclaimed bank accounts are usually the result of everyday life events, not fraud or wrongdoing. Common reasons include:

1. No Activity for a Certain Period

Illinois law sets a “dormancy period” (often around 3–5 years, depending on the type of account) during which the owner must show some kind of activity, such as:

• Making a deposit or withdrawal
• Writing a check
• Using a debit card tied to the account
• Logging into online banking in a way that the bank counts as account activity
• Updating personal information in writing with the bank

If there is no documented activity for that period, and the bank can’t reach you, it may classify the account as unclaimed.

2. Bank Notices Go Unanswered

Before sending money to the state, banks typically:

• Send letters to the last known mailing address
• Send emails (if on file)
• Attempt to contact you by phone (in some cases)

If you have moved, changed your name, or closed a P.O. box and never updated your bank, these notices may never reach you.

3. Life Events and Oversights

People often forget about accounts after:

• Moving to a new city or state
• Going through a divorce or separation
• Opening multiple accounts and losing track
• A parent or relative dying, when heirs are unaware of their accounts
• Changing jobs, especially if a related bank account was set up for payroll or benefits

In these situations, money can sit untouched for years and eventually be turned over to the Illinois unclaimed property program.

Who Manages Unclaimed Bank Accounts in Illinois?

Unclaimed bank accounts in Illinois are typically handled by the state’s unclaimed property division, which is part of a statewide office (often the State Treasurer).

This office:

• Receives funds and property from banks and other institutions
• Maintains a searchable database of unclaimed property
• Reviews and processes claims from owners and heirs
• Issues payments to approved claimants

To find and claim unclaimed bank accounts, you would need to use Illinois’s official unclaimed property website or contact the Illinois unclaimed property office directly. HowToGetAssistance.org cannot search or submit claims for you.

How to Check for Unclaimed Bank Accounts in Illinois

The basic process to look for unclaimed bank accounts in Illinois is usually:

Step 1: Go to the Official Illinois Unclaimed Property Site

Each state runs its own official website for unclaimed property. For Illinois:

• Look up the official unclaimed property website by searching for terms like “Illinois unclaimed property official site” or “Illinois State Treasurer unclaimed property”.
• Make sure the site clearly identifies itself as an official Illinois state government website (look for “.gov” in the web address and state logos).

⚠️ Important: Do not use random search results that look like ads or third-party services asking for fees.

Step 2: Search by Name

On the official Illinois unclaimed property page:

• Use the search tool to enter:
  • Your first and last name
  • Any previous names (such as a maiden name)
  • Names of deceased relatives whose estates you may be handling
• You may also be able to refine by city, address, or business name if you are checking for a company.

If there is a match, the system typically shows:

• The holder (e.g., a bank)
• An approximate property type (like “bank account,” “checking,” “savings”)
• Possibly an estimated amount range (exact amounts are often provided later in the process)

Step 3: Select Properties to Claim

You can usually select:

• Your own accounts directly
• Accounts of deceased relatives if you may be an heir, executor, or administrator of the estate

The site often asks you to create an account or provide contact information before you can submit a claim.

Who Can File a Claim for an Unclaimed Bank Account?

Eligibility is based on your relationship to the account:

Typically Eligible Claimants

1. Original account owner

   • You opened the account in your own name.
   • You are a joint account holder listed on the account.

2. Legal representative

   • You are an attorney-in-fact with legal authority (such as a power of attorney).
   • You are appointed as a trustee for a trust that owned the account.

3. Heirs or executors of a deceased owner

   • You are the executor or administrator of the estate.
   • You are a beneficiary or legal heir as defined by Illinois law.
   • In some cases, a spouse, child, or parent may file a claim with proper documents.

4. Business representatives

   • You are an authorized officer of a dissolved or active business that had the bank account.

Each type of claimant will usually have to provide specific documentation to prove their right to the funds.

Documents Commonly Needed to Claim an Unclaimed Bank Account

Illinois’s unclaimed property office generally requires proof of identity and proof of ownership or relationship. The exact documents depend on the situation.

1. For Your Own Account

You may be asked for:

• Government-issued photo ID

  • Illinois driver’s license or state ID
  • U.S. passport
  • Other accepted government ID

• Proof of current address

  • Utility bill
  • Lease or mortgage statement
  • Bank or credit card statement

• Proof connecting you to the unclaimed account

  • Old bank statements or passbooks
  • Canceled checks
  • Documents showing the address listed on the claim matches your past address

2. For a Deceased Person’s Account

In addition to your own ID and address proof, you may be asked for:

• Death certificate of the account owner
• Letters of office (letters testamentary or letters of administration) from the probate court
• Will or trust documents (if applicable)
• Proof of relationship, such as:
  • Birth certificate (for child/parent relationships)
  • Marriage certificate (for spouse)

If the estate never went through formal probate, Illinois may have small-estate procedures that require specific affidavits. The unclaimed property office typically has instructions for these situations.

3. For Business Accounts

You may need:

• Business formation documents

  • Articles of incorporation
  • Partnership agreement
  • LLC formation papers

• Proof of authority

  • Corporate resolution
  • Letter on company letterhead naming you as authorized to act

• Tax identification number (EIN)

• Proof the business is or was at the address listed on the account (if requested)

Quick Reference: Common Claim Types and Likely Documents

The Illinois unclaimed property office typically lists acceptable documents for each claim type on its official site or in instructions sent after you start a claim.

How to File a Claim for Unclaimed Bank Accounts in Illinois

Once you find property in your name (or a relative’s):

1. Start the Claim on the Official Illinois Site

From your search results:

1. Select the item(s) you want to claim.
2. Begin the claim process by following on-screen prompts, which may ask for:
   • Your full legal name
   • Current mailing address
   • Phone number and email
   • Social Security number or last four digits (usually to verify identity)
3. The system may allow you to create an online account to track your claim.

2. Complete Any Required Forms

Depending on the situation, you may need to:

• Fill out an online form
• Print a claim form, sign it, and mail it in with supporting documents
• Notarize certain forms, especially if you are claiming on behalf of someone else or a business

Read the instructions carefully. Missing signatures or leaving sections blank can delay processing.

3. Gather and Submit Documentation

Send the documents requested by the Illinois unclaimed property office. They may allow:

• Secure online upload through the official portal
• Mailing copies to a specified address
• In limited cases, in-person submission at a state office

Always use the official mailing address or upload link listed on the Illinois government site or on instructions you receive from an official state office.

4. Wait for Review and Possible Follow-Up

After you submit:

• Your claim is reviewed by staff.
• They may:
  • Approve the claim as submitted
  • Ask for additional documents
  • Request clarification or corrections

Once approved, the state usually issues payment by:

• Check mailed to your address
• In some cases, direct deposit if offered and you choose that option

Processing times vary and may depend on claim complexity and office workload.

How Long Does It Take to Get Money from an Unclaimed Bank Account?

Timelines can vary, but people in Illinois commonly see:

• Simple claims (clear identity and address match):

  • May be processed in a few weeks, depending on volume

• More complex claims (deceased owner, business accounts, estates without probate):

  • Can take longer, sometimes several weeks or months

If you do not hear back within the time frame suggested on the official site, you can usually:

• Log into the official claims portal to check status, or
• Call the Illinois unclaimed property office or State Treasurer’s office directly and ask about your claim using the reference or claim number.

Common Reasons Claims Are Delayed or Denied

Understanding typical issues can help you avoid problems:

1. Insufficient proof of identity

   • ID is expired
   • Name on ID does not match name on the claim and no support documents are provided

2. Address mismatch

   • No documents show you lived at the address connected to the unclaimed account
   • You changed your name, and there is no documentation tying your old and new names together

3. Incomplete estate documents

   • For a deceased owner, no death certificate is provided
   • No proof that you are the executor, administrator, or legal heir

4. Missing or unsigned forms

   • Claim form not signed
   • Required sections left blank

5. Business authority issues

   • No proof you are authorized to act for the business
   • Business name has changed and there’s no documentation connecting old and new names

If a claim is denied, the office usually gives a reason. You can often correct the issue and resubmit with better documentation, or ask what additional steps you can take.

Can You Appeal a Denied Claim?

Illinois typically allows some form of appeal or reconsideration, though exact steps can vary.

You can generally:

1. Review the denial notice carefully to understand why the claim was rejected.
2. Contact the Illinois unclaimed property office or the listed contact number to:
   • Ask if additional documents could resolve the issue
   • Clarify any misunderstandings

In some cases, especially if there is a legal dispute over ownership (for example, among potential heirs), you may need legal advice or assistance from an attorney. The state unclaimed property office cannot give you legal advice or represent any party in disputes.

How to Verify You’re Using Official Illinois Channels (And Avoid Scams)

Because unclaimed money can attract scammers, it’s smart to verify that you’re dealing with legitimate offices and websites.

Signs You’re on an Official Illinois Government Site

• The website address typically ends with “.gov”
• The page clearly identifies a state office, such as the Illinois State Treasurer or Illinois unclaimed property program
• Contact information matches what is listed when you look up the agency through independent sources (for example, by calling the main number of the state agency and asking for the unclaimed property division)

Red Flags to Watch For

• Websites that:

  • Charge upfront fees to “find” unclaimed money
  • Ask for unusual personal details not normally needed (like your full bank login credentials)
  • Do not clearly identify a government agency

• Emails, texts, or calls that:

  • Claim you must pay a processing fee to receive your unclaimed money
  • Pressure you to act immediately or risk losing the funds
  • Ask you to provide Social Security numbers or bank account numbers through unsecured links

If unsure, you can:

• Call the Illinois State Treasurer’s main office (using a number you locate yourself, not one provided by a suspicious email), and ask to be directed to the unclaimed property division.
• Ask the representative to confirm whether a notice or website is legitimate.

What If You Do Not Qualify or Cannot Prove Your Claim?

Sometimes people believe they should be entitled to an account but cannot produce enough documentation to satisfy the state’s requirements. In those situations, you still have some options:

• Gather more records

  • Old tax returns
  • Rental agreements or property deeds
  • Utility bills from the relevant time
  • Employment or payroll records linked to the bank account

• Check with the bank listed as the holder

  • They may not release money directly (because it is already turned over to the state), but they might confirm historical account information that strengthens your claim documentation.

• Consult legal assistance

  • If there is a dispute about who the rightful heir is, or if the estate process is unclear, you may want to talk to an attorney or seek help from legal aid organizations in Illinois.

Remember, the Illinois unclaimed property office must follow state laws and regulations. They cannot bypass documentation requirements even if your situation is understandable or emotionally compelling.

Other Resources If You Still Need Financial Help

Finding unclaimed money can be helpful, but it is not guaranteed. If you are facing financial difficulties, you may also want to explore:

• Local social services or community action agencies in your county
• 211 (reachable in many areas by dialing 2-1-1), which can often connect you to:
  • Housing and utility assistance
  • Food resources
  • Legal aid and financial counseling
• Illinois Department of Human Services or other state benefit agencies, if you might qualify for public assistance programs

These are separate from the unclaimed property system, but they may help if you do not end up receiving funds or need additional support now.

By understanding why unclaimed bank accounts happen, how Illinois holds and manages these funds, and what documents you may need to prove your claim, you can take clear, confident steps through the official state unclaimed property channels to see if any money is waiting for you.