Interest on unclaimed property
I recently found an amount of money that the state of Illinois had been holding under the auspices of ” unclaimed property”. The amount was $333. The state acquired this in August of 2017. It’s suppose to represent 100 ozs of silver found in a SD box. According to the state treasurers website, I’m also due monthly compounded interest since they encumbered this.
I just received a check for $410.20. Does that sound right to you? $77 for almost 6 years of interest?
I haven’t cashed this yet because I just thought this was way too low. Would you mind weighing in on this please?
Thank you for any advice you can give me.
Terry Says
Cash the check and take the money and run. This is “found money.”
Interest rates were very low during those years, almost non-existent! And you might get a 1099 from the state for the amount that was considered interest vs return of property.
