Louisiana State Treasurer John M. Schroder announced that the Department of Treasury will mail $4.3 million in Unclaimed Property checks to citizens across Louisiana after using tax records to update addresses. More than 33,000 checks will be mailed beginning this week.
“Every year, we work with the Department of Revenue to update addresses in our Unclaimed Property files. We want people to know this is real money. Through data matches, we can mail checks without requiring people to send in a claim form. All you have to do is check your mailbox and cash your check,” said Treasurer Schroder. “Even if you don’t get a check, you still may have Unclaimed Property. Visit our website at www.latreasury.com to search.”
The largest amounts of checks are going to addresses in East Baton Rouge, Jefferson, Orleans and Caddo parishes. However, checks will be sent to addresses across Louisiana.
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.
One in six individuals in Louisiana has Unclaimed Property, with claims averaging $900. One of the main reasons an item becomes Unclaimed Property is because of an incorrect or old address.
Louisiana law allows the Louisiana Department of Revenue to share its database of current and correct addresses with the Treasury for the sole purpose of returning Unclaimed Property. Through this cooperative effort, the Treasury was able to update the addresses it had on file and mail 33,880 checks.