Louisiana Treasurer Issues Warning Regarding “Unclaimed Compensation” Ads on the Internet

Louisiana - State Treasurer John M. Schroder issued a warning Monday to the public about recent online advertisements that could be misinterpreted as Louisiana Unclaimed Property marketing. After a lot of people reported seeing deceptive information online, he encouraged citizens to be aware of "unclaimed compensation" social media posts and adverts.

“Treasury enlists every safeguard possible to protect citizens’ information regarding unclaimed property,” Schroder said. “It is always free and safe for you to check for unclaimed property you might be owed at LaCashClaim.org or MissingMoney.com.”

Each year, businesses give over millions of dollars in unclaimed cash, stocks, gift cards, bonds, securities, and insurance proceeds to the state treasurer's office, according to Schroder. In Louisiana, approximately $1 billion is currently awaiting claim.

“Unclaimed property is money and other assets that get turned over to the state when the owner can't be found,” said Schroder. “If you forget to cash a paycheck, overpay a utility bill or leave behind a security deposit, to name a few examples, that money eventually gets handed over to the state if you can't be found. The state holds onto it until you reach out to claim it.” One in six individuals in Louisiana has unclaimed property, with refunds averaging $900.

While LaCashClaim.org is Louisiana’s official unclaimed property site, the state also formally collaborates with MissingMoney.com, from which individuals can search for claims from 49 states, including Louisiana.”

“Unclaimed property scams are increasingly common. If you've been contacted about money that could be yours, remember that there is never a charge for you to collect your money from our program. When searching online, be sure you are on a legitimate website,” said Kathleen Lobell, director of Louisiana’s Unclaimed Property Division. “That way, you won't lose cash or risk having your identity compromised when trying to
claim property.”