Illinois State Treasurer Michael Frerichs returned $8.65 [1] to Pope Leo from a forgotten PayPal account during a meeting in Vatican City.
The event highlights the reach of U.S. state unclaimed property laws, which ensure that forgotten funds are eventually returned to their original owners regardless of their global status.
The funds originated from a PayPal account in Illinois that had been closed [3]. Because the money remained unclaimed, it was transferred to the state's custody. Treasurer Frerichs facilitated the return of the payout to the Pope to ensure the funds reached the rightful owner [2].
While the amount is modest, the process follows standard state protocols for managing dormant accounts. The Illinois Treasurer's office is tasked with identifying the owners of such funds, and returning them when the identity of the owner is verified [2].
The delivery of the $8.65 [1] payout occurred during the Treasurer's visit to the Vatican. This unusual transaction underscores the administrative nature of state treasury duties, where even small sums are tracked and returned to the correct individuals, even when those individuals hold the highest office in the Catholic Church [4].
Officials involved in the process said that the funds were the pontiff's own money [2]. The return of the balance marks the conclusion of the state's holding period for the closed account [3].
“Illinois State Treasurer Michael Frerichs returned $8.65 to Pope Leo from a forgotten PayPal account.”
This incident demonstrates the rigid application of U.S. escheatment laws, where states act as custodians for unclaimed financial assets. By returning the funds to the Pope, the Illinois Treasurer's office reinforces the legal principle that all unclaimed property, regardless of the amount or the status of the owner, must be accounted for and returned to the rightful claimant.
