AMERICANS in one major US state will receive surprise automatic checks from a massive $45 million pot.
The state is making an effort to return unclaimed money to those who are eligible – and you don’t even need to file a claim.
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In the state of Illinois, the State Treasurer’s Office is sending residents cash from a $45 million fund.
Nearly 600,000 people will be eligible to receive cash through the Enhanced Money Match program.
The scheme targets those unclaimed property and send them a check automatically.
Unclaimed property refers to financial assets that have been left inactive or forgotten by their rightful owners for a specific period.
These funds, which can be both tangible and intangible, are turned over to the state government for safekeeping.
Common types of unclaimed property includes cash from checking and savings accounts, stocks and bonds or contents from a safety deposit box.
There is no need to submit a claim to receive the cash, instead existing data is used to identify those who are owed.
State Treasurer Michael Frerichs stressed that this program is as good as it sounds.
He said: “The first thing we tell people, is this – the money belongs to you, the check is real, and this is not a scam.
“The second thing we tell them, is to cash the check!
“Who couldn’t use a little extra pocket money this summer?”
HOW MUCH WILL YOU GET?
Most people will be sent checks for $50 or less, but some residents who have multiple claims will get more.
The letters started to be sent out in late June, and they will continue to arrive throughout the summer.
This isn’t the first time that Illinois has rolled out this sort of program.
What is an EIP card?
THE Economic Impact Payment card is a pre-paid credit card that the government used to distribute some stimulus payments.
It was one of three ways used to pay out cash. The other options were via electronic money transfer or paper checks.
The cards were paid to 4million US residents who the government didn’t have banking information for.
The cards can be used to make purchases or you could withdraw the money from an ATM, without paying a fee.
You can also transfer cash to your bank account.
If you’re sent one you need to head to the EIP card website to activate it.
It has actually been running, and since then, countless residents have been paid automatically.
Since the Enhanced Money Match scheme began in 2018, the state has returned more than $130 million to over 870,000 people.
To check to see if you have any unclaimed property, you can click this link.
You can search by either entering basic information like you name and city.
The site also asks you to enter your ZIP code and your property ID.
When you know you have a valid claim, you can check the status of your check by entering you Claim ID, using the same link.
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