Illinois Treasurer Michael Frerichs held a news conference in Chicago with U.S. Rep. Danny Davis to urge the U.S. Treasury to make it easier for states to facilitate the return of mature U.S. Savings Bonds.
Frerichs said the Illinois Treasurer’s Office has an unclaimed property and missing money department where they take money that was maybe forgotten in an old savings account, and they put that money back into the pockets of those who may claim the assets.
Freichs said the Illinois Treasurer’s office is aware that there are other forms of money out there that have gone uncashed like
US Saving bonds. The federal government sells savings bonds and are exempt from being turned over to the Illinois Treasurer’s
unclaimed property department. Freichs said that’s a problem.
Freichs said his department has returned $2 billion of missing money to Illinoisans. Whereas his last two predecessors combined
returned about $750 million.
Story from Illinois Radio Network
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