Illinois Treasurer Returns Pope Leo XIV’s $8.65 in Unclaimed Funds

SPRINGFIELD, IL — June 8, 2026 — In a rare and symbolic gesture, Illinois State Treasurer Mike Frerichs returned $8.65 to Pope Leo XIV after discovering the funds were unclaimed property in Illinois’ system. The money originated from the pontiff’s own PayPal account, which was closed years ago.

The small but highly publicized sum reflects the state’s unclaimed property program, which holds billions in dormant accounts, securities, and other assets for owners who have not claimed them within a prescribed period. Illinois is one of 40 states with such programs, though most involve far larger sums—often millions or billions—rather than a few dollars.

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### Why Did the Pope Have $8.65 in Illinois’ System?
The funds were traced to a closed PayPal account linked to Pope Leo XIV, likely from a past donation or transaction. When the account became inactive, PayPal transferred the balance to Illinois’ unclaimed property fund, where it remained until Frerichs’ office identified it during a routine audit.

“This is a one-of-a-kind situation,” said Frerichs in a statement. “While we handle billions in unclaimed funds every year, returning even a few dollars to the rightful owner—especially someone of the Pope’s stature—is a reminder of the importance of these programs.”

According to the Illinois Treasurer’s Office, the state holds over $2.5 billion in unclaimed property, with an average of $1,200 returned to owners annually. The Pope’s case is the first documented instance of a religious leader’s personal funds being recovered through the program.

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### How Does Illinois’ Unclaimed Property Program Work?
Illinois’ system follows federal and state guidelines to locate and return abandoned assets, including:

• Bank accounts inactive for 5+ years
• Stocks, bonds, and mutual funds unclaimed for 3+ years
• Savings bonds unclaimed for 1+ year
• Insurance policies with unpaid benefits
• Payroll checks or other wage payments

Owners can search for unclaimed funds using Illinois’ free online database. If found, the state holds the money for up to 20 years before escheating (forfeiting) it to the state’s general fund.

“Most people don’t realize they may have unclaimed money,” said Treasurer Frerichs. “A quick search could put cash back in their pockets—sometimes thousands, sometimes just a few dollars, like in the Pope’s case.”

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### What Happens Next for the Pope’s $8.65?
The $8.65 was returned to the Vatican’s financial office in Rome, where it will be deposited into the Pope’s personal accounts. While the sum is negligible, the gesture underscores the global reach of Illinois’ unclaimed property program, which has returned funds to owners in all 50 states and over 100 countries.

“This isn’t about the money—it’s about integrity,” Frerichs added. “Whether it’s a few dollars or millions, every unclaimed fund belongs to someone, and we’re committed to reuniting it.”

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### Key Takeaways

1. The $8.65 was traced to a closed PayPal account linked to Pope Leo XIV.
2. Illinois holds $2.5 billion in unclaimed property, with most cases involving far larger sums.
3. The state’s program has returned funds to owners in over 100 countries, including this rare Vatican case.
4. Owners can search for unclaimed funds here.
5. The Pope’s funds were returned as part of a routine audit, not a targeted effort.

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### FAQ: Unclaimed Property in Illinois

Can I check if I have unclaimed money in Illinois?

Yes! Use the Illinois Unclaimed Property Search tool. You only need your name and city.

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For more on Illinois’ unclaimed property program, visit the Treasurer’s Office website.