Louisiana Treasury Sends Out $4.8 Million in Unclaimed Property Checks
Louisiana Treasury Sends Out $4.8 Million in Unclaimed Property Checks
Louisiana – On May 26, 2022, Louisiana State Treasurer John M. Schroder announced that 27,125 Unclaimed Property checks totaling $4.8 million will be mailed out as a result of a data match to update addresses. On May 31, 2022, some residents have said that they are starting to receive those checks.
“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,” said Treasurer Schroder. “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 the Louisiana Department of Revenue have conducted an annual data exchange to look for updated addresses of Louisiana residents in order to return their Unclaimed Property checks directly to them without the need for them to file a claim. Act 339 of the 2018 Regular Session authorizes the Louisiana Department of Revenue to share with the Treasury its database of current and correct addresses in order to return Unclaimed Property. As a result, the Treasury can update the addresses on file on an annual basis and clear out the backlog of Unclaimed Property that is still on the books. Louisiana Treasury has been using technology to increase the rate of return of Unclaimed Property with over $900 million in Unclaimed Property to return.
Treasury is able to update addresses and issue checks for money that many recipients were unaware they were owed thanks to data matching. Businesses annually turn over millions of dollars in unclaimed cash, stocks, bonds, securities, and insurance proceeds to the State Treasurer’s Office. Payroll checks, old bank accounts, royalties, utility deposits, interest payments, stock certificates, and life insurance proceeds are examples of “Unclaimed Property.” Sometimes the address the company has on file is incorrect. An incorrect or outdated address is one of the most common reasons an item becomes unclaimed property.
Unclaimed Property affects one out of every six people in Louisiana, with claims averaging $900. Search the LaCashClaim.org website, or call the Treasury’s Unclaimed Property Division toll-free at 1-888-925-4127 to see if you have Unclaimed Property (Monday through Friday, 9:00 am to 4:30 pm).
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