Illinois Takes Your Unclaimed Federal Savings Bonds
The State of Illinois recently passed a bill where they will claim your federal savings bonds if you don’t claim them within 5 years of maturity. This did not make the news.
As part of our government refund service, we monitor the activities of Illinois and Cook County so that we can help you claim refunds that you are unaware of. Periodically, we run across activities like this that would not otherwise see the light of day.
The Money Grab
Public Act 099-0556 was passed by the Illinois General Assembly in 2016 and states the following:
“…a United States Savings bond shall be presumed abandoned when the bond has remained unclaimed and unredeemed for 5 years after its date of final extended maturity. Provides that presumed abandoned and unclaimed bonds escheat to the State. Establishes a procedure by which the State Treasurer may obtain a judicial determination that the bond has escheated to the State.”
This means that the State of Illinois will take your federal savings bonds.
On the Bright Side…
The State is required by law to pay unclaimed bonds if you claim them, and we actively pour through government records to find money due to you – savings bonds or otherwise. It’s our business to find unchecked and unknown funds for you.
We find unclaimed money then identify the person who should receive it. While we cannot take requests by people to find unclaimed money (needle in a haystack), we can instead appeal your property taxes if you are a homeowner in Cook County and perhaps save you thousands per year.