Not A Scam! Illinois Treasurer Sending $45M To 600k Residents

When I was a teenager, my dad asked me if I needed some extra pocket-money for the summer. Thinking he was about to reach into his wallet and hand over some cash, I quickly said that I sure did need some. He suggested I go around the neighborhood and mow laws and/or wash windows to get that money.

There's always a catch, I thought.

Well, in the case of Illinois State Treasurer Michael Frerichs recent announcement that $45 million will be divided up amongst around 600,000 Illinois residents, and that the money would be arriving in the form of a check from the state of Illinois, there's actually no catch.

Now that we've established that the $45 million in checks going out to 600,000 Illinois residents is a real thing and not a scam, you might be wondering why State Treasurer Michael Frerichs is doing this.

Nearly 600,000 Illinois Residents Will Be Getting A Check This Summer For Money That They Didn't Even Know They Had--But Where Did The Money Come From?

The Illinois State Treasurer's Office has a FAQ that addresses the question "Why am I getting free money from the state?"

• This money is yours; but you likely didn’t know it.
• Illinois State Treasurer Michael Frerichs Office is the custodian of $5 billion in unclaimed property that includes abandoned bank accounts, uncashed rebate and refund checks, and long forgotten insurance policies, stock dividends, safe deposit boxes and more.
• Treasurer Frerichs worked with the state legislature to match rightful owners with their property. Today we can verify property through data sharing with state agencies.
• You matched!

How does it work? IllinoisTreasurer.gov:

1. Treasurer Frerichs sends you a letter to inform you about your unclaimed property. That includes the amount and its source.
2. Presto! A week later, the check is in the mail.
3. You open the envelope.
4. You CASH the check.

How Will You Know If You're Getting A Check From The State, And How Much Money Could You Receive?

According to the Illinois State Treasurer's website, the Treasurer's office will send you a letter to let you know that money is coming your way in the very near future. Then, you should expect a check to show up before the summer is over.

Most of the checks going out will be in the $50 range.

Patch.com:

"The first thing we tell people, is this - the money belongs to you, the check is real, and this is not a scam," Frerichs said in a statement.

He added, "The second thing we tell them, is to cash the check! Who couldn't use a little extra pocket money this summer?"