Treasury sends $4.8M in Unclaimed Property checks to citizens across Louisiana
Published 11:41 am Tuesday, May 31, 2022
Louisiana State Treasurer John M. Schroder announced that 27,125 Unclaimed Property checks totaling $4.8 million were mailed out recently following a data match to update addresses. Checks will be mailed to every parish in the state.
“If you get a check in your mailbox from the Louisiana Department of Treasury within the next week, it is real money you can cash it right away,” Schroder said.
“And, if you don’t receive a check, you may still be owed unclaimed money,” he added. “We can’t return all money this way, but we can at least give back $4.8 million. Please go to LaCashClaim.org to check your name and file a claim.”
Since 2018, the Louisiana Department of Treasury and Louisiana Department of Revenue have conducted an annual data share to search for updated addresses of Louisiana citizens to return their Unclaimed Property checks directly without them even needing to file a claim. Act 339 of the 2018 Regular Session permits the Louisiana Department of Revenue to share its database of current and correct addresses with the Treasury to return Unclaimed Property. As a result, the Treasury can annually update the addresses on file and clear out a backlog of Unclaimed Property still on the books.
With more than $900 million in Unclaimed Property to return, Louisiana Treasury has been using technology to increase the rate of return of Unclaimed Property. Through data matches, Treasury is able to update addresses and issue checks for money that many recipients didn’t even know they were owed.
Each year businesses turn over millions of dollars in unclaimed cash, stocks, bonds, securities, and insurance proceeds to the State Treasurer’s Office. Known as
“Unclaimed Property,” these funds include payroll checks, old bank accounts, royalties, utility deposits, interest payments, stock certificates, and life insurance proceeds. Sometimes, the address the company has on record is no longer correct. One of the main reasons an item becomes unclaimed property is an incorrect or old address.
One in six individuals in Louisiana has Unclaimed Property, with claims averaging $900. To find out if you have Unclaimed Property, search online at www.lacashclaim.org or call the Treasury’s Unclaimed Property Division toll-free at 1-888-925-4127 (Monday through Friday, 9:00 am to 4:30 pm).
According to the State Treasurer’s Office, there were 229 checks issued to Washington Parish addresses, totaling $37,325.50.