Sunday, May 26, 2024

Schroder launches ‘Veterans Cash Claim’

by BIZ Magazine

Military veterans are the focus of State Treasurer John M. Schroder’s new initiative aimed at helping return unclaimed property to those who have served the nation. “Veterans Cash Claim” is the latest push by the Louisiana Unclaimed Property program to help return missing money to the rightful owners.

Louisiana’s Unclaimed Property staff will help retired and active military men and women file claims in person by reaching out to veterans’ organizations and attending veterans’ events across the state.

“These most valiant men and women who served to protect each of us deserve, like everyone, to receive their unclaimed property,” said Treasurer Schroder. “The reality is that many seniors do not trust technology and seem to prefer one-on-one, in-person assistance. So, if it is feasible for my team to provide this, especially to our veterans, I think this is the least we can do.”

As a veteran Army 101st Airborne Division CID Special Agent, Treasurer Schroder has made returning unclaimed property to veterans one of his top priorities for this year’s 50th Anniversary of Louisiana’s Unclaimed Property Program. More than half of the unclaimed property checks ever written from the Louisiana Department of Treasury have been during Schroder’s administration. Over the past fifty years, Louisiana’s Unclaimed Property Program has issued 1.38 million unclaimed property checks, returning $727 million, to the rightful owners. During Schroder’s administration, 760,575 checks have been printed, putting $278 million back into the hands of the owners and into the state’s economy.

Act 146 of the 1972 Legislative Session created the Louisiana Unclaimed Property Program, signed into law by Governor Edwin Edwards on July 3, 1972. Because of reporting deadlines, money was not received into the program until 1973. Today’s unclaimed property laws substantially differ from the original law, which was significantly revised in 1986 and 1991.

Unclaimed property is lost or forgotten money from items such as royalties, unclaimed cash, stocks, bonds, securities, and insurance proceeds never paid out. One in six individuals in Louisiana has unclaimed property, with claims averaging $900. To check for unclaimed property or to find out more about the “Veterans Cash Claim” program, go to LaCashClaim.org.

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