Louisiana Unclaimed Money Totals $330 Million

April 21st, 2022 by admin Leave a reply »

Louisiana’s State Treasury Department has hundreds of millions worth of unclaimed property from lost assets that residents have abandoned or forgotten about. These assets include uncashed payroll checks, old bank accounts, stocks and stock dividends, royalties, utility deposits, interest payments, insurance proceeds, retirement benefits, and contents of abandoned safe deposit boxes.

By law, businesses and organizations are required to turn these over to the state if their owners don’t claim them after a period of 3-5 years for most assets. Unclaimed savings bonds make up a huge chunk of the $330 million total Louisiana unclaimed money. State Treasurer John Kennedy is trying to reunite matured forgotten U.S. savings bonds as well as other types of Louisiana lost property with roughly one in every six of the state’s residents.

In Baton Rouge alone over 80,000 people, due nearly $27 million, are listed in the Louisiana unclaimed property records. According to the State Treasurer, “The state owes Louisiana residents millions of dollars in unclaimed property, and we want to give this money back.” Louisiana’s Unclaimed Property Law requires the State Treasury Department to publish names of individuals and businesses who are owed money in newspapers throughout the state every year as well as make other efforts to reach out to the rightful owners.

At an “Awareness Day” held at the Lakeside Shopping Center recently, the Louisiana Department of Treasury gave-back $133,000 unclaimed money owed to residents of New Orleans. “This was one of the largest unclaimed property events we’ve ever had,” said Treasurer Kennedy. “We estimate that we had around 3,000 people in attendance over a five hour period. The average unclaimed property claim is typically around $200 to $400, but one individual at the mall claimed more than $20,000.”

A lot of people don’t know about government abandoned money and that’s one of the reasons why the total unclaimed property money in the U.S now totals roughly $35 billion. Hard to believe and a bit ironic, but people also lose track of their money in their haste to earn more of it- especially in the fast-paced lifestyles we lead now. Double-jobs, skipping from job to job, changing of address or names (due to marriage), retirement, and death can all cause us to lose track of financial assets belonging to us. Mailed checks and financial notices can get ‘sent back to sender’ if people forget to leave behind forwarding addresses (as in the case of emergencies). Disasters after hurricanes in the past have displaced multitudes of families, which is sure to cause the already whopping unclaimed property fund in Louisiana to balloon.

Government efforts to reach out to the owners of unclaimed money and property are already insufficient in returning all of the $330 million presently in the hands of the state. Residents are encouraged to take the initiative and do a search for lost money in Louisiana as well as other states. LA. unclaimed property claims for $250 and above must be notarized, but it’s possible to do an on-line claim for $249 an under. On-line searches can be relatively simple and quick- the key is knowing where to look.

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