Treasurer reuniting lost loves

By Karen McDonald

Journal Star, Peoria, IL

Published Sunday, February 10, 2008

PEORIA - The Illinois state treasurer is looking for some love this Valentine's Day. Specifically, individuals and businesses with the word "love" in their last names.

Loveall, Lovejoy, Lovelace ... the list goes on.

But it's not as romantic as it may seem. The love quest is part of a clever hook on an old way to get Illinois residents reunited with billions of dollars in lost cash and assets. In honor of the Feb. 14 holiday, state Treasurer Alexi Giannoulias is looking for about 2,500 residents and businesses with "love" in their names.

Are you one of them?

An advertisement in today's Journal Star Classified section provides a new list of locals who haven't yet cashed in on unclaimed property or dollars. Names on that and previous lists also can be checked on the treasurer's Web site at www.treasurer.il.gov.

"The treasurer's office is playing matchmaker this month, only it's between Illinois residents and their long-lost cash," Giannoulias said. "This is the first time we've done the love hook. We just thought it would be a timely occurrence around Valentine's Day, and promotionally, it's a great way for us to remind people to look for their property."

In Peoria County, dozens of individuals with love in their names are owed at least $10. They include Kathleen J. Lovell, Latrice Loving, Joseph Lovsin, Brian J. Lovingood, Alice Love, George H. Lovekamp, Dolores Loveless and Myrtle Lovelette, to name a few.

And who says money can't buy love? Or in this case, that love can't bring money?

More than 55,000 new names recently were added to the list of about 10 million names that will be published in newspapers across the state this month with the hopes people will collect what's owed to them.

The most common loot comes from abandoned bank accounts or uncashed checks; others come from unpaid wages or commissions, stocks, bonds and mutual funds, bill overpayments, paid-up life insurance policies and safe deposit box contents. Banks and businesses are required to turn over unclaimed property after five years.

A majority of the unclaimed money is invested in the state's pensions until it is returned to the rightful owner. The treasurer's office can do that because there's always new money coming in; it withholds $2.5 million to continue paying claims.

Tom Pisano of East Peoria learned from a friend that he may have money coming to him. His father died last year and apparently had some forgotten stock.

As an heir, Pisano submitted a claim and promptly received a check for more than $100,000 - money he never knew was coming to him.

"I did cartwheels. Typically something that sounds too good to be true usually is too good to be true. Got the check like a week later," Pisano said. "I just thought it can't be a state agency, (the process) is just too smooth."

The treasurer's office is holding unclaimed property and cash worth more than $1 billion. In 2006, it returned a record $92 million in claims as part of its "Cash Dash" program, enacted in 1999.

"It's basically new-found, free money people weren't expecting or didn't realize had been abandoned. If you all of a sudden found $1,000 in your pocket from a year ago you didn't know you had, you'd be really excited," Giannoulias said.

Twice a year, the treasurer's office publishes lists of new names - this time about 55,000 - in newspapers across the state. "People just have to be proactive (in checking the lists) and see if they have money coming," Giannoulias said.

Though the average claim is less than $100, there are hundreds of Illinois residents who will see windfalls of $10,000 and more, Giannoulias said.

Property owners' names are published in the county that corresponds to the last known address provided by the bank or business that turns over the property. The state holds the property or cash until the owner or heir claims it.

Illinois owners never lose their rights to their property. The state holds the property or cash until the owner or heir claims it.

In addition to checking the state treasurer Web site, the office sponsors outreach activities to help citizens unfamiliar with the process or those who don't have Internet access.

For more information about unclaimed property, visit www.treasurer.il.gov and follow the Cash Dash link; write the Illinois State Treasurer Unclaimed Property Division, P.O. Box 19495, Springfield, IL 62794-9495; or call (217) 785-6998 or toll free at (866) 458-7327.