BATON ROUGE, La. — The Louisiana Department of the Treasury will begin offering electronic payments for eligible unclaimed property claims, allowing recipients to receive approved funds through direct deposit instead of a paper check.
Beginning next week, eligible claimants will be able to select an automated clearing house, or ACH, payment option when it is available for their claim. The electronic payments will be processed in partnership with JPMorgan Chase.
State Treasurer John Fleming said the change is intended to make payments faster and reduce concerns associated with checks being delivered through the mail.
The new process will begin after a claimant searches for unclaimed property, submits a claim and provides any required verification or documentation. Eligible claimants will then receive an email offering the electronic payment option.
Those choosing ACH will follow a link in the email and provide banking information through a secure JPMorgan Chase portal. Once approved, the payment will be deposited directly into the claimant’s account.
Treasury officials said the payment email will come from [email protected] and state that the recipient has received a payment from the Louisiana Department of the Treasury. The email will also display the Louisiana Cash Claim logo.
Participation in the ACH program is voluntary. Claimants who do not select the electronic payment option will continue to receive paper checks.
The Treasury’s Unclaimed Property Division is responsible for returning money turned over to the state by businesses and other organizations when owners cannot be located. Unclaimed property can include cash, stocks, bonds, securities and insurance proceeds. (treasury.la.gov)