State looks to return unclaimed property
- Louisiana residents who want to search for unclaimed money can visit the state treasury’s Web site at http://www.latreasury.com or call (888) 925-4127.
- Out-of-state residents can check the national unclaimed property site at http://www.missingmoney.com.
- The state’s Web site has a downloadable one-page, mail-in claim form.
- For money to be returned quickly during the holidays, an individual’s claim to the treasury’s unclaimed property division must be complete and accurate. Ownership of a claimed property has to be verified through proper documentation, like a canceled check or insurance policy. Residents also have to provide a form of identification, like a Social Security card or driver’s license, to claim money.
- If the value of your claim is $250 or more, the claim form must be notarized.
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Baton Rouge and other Louisiana residents looking for some extra cash this holiday season should see if they have unclaimed money in the state treasury.
The state Department of Treasury is holding more than $400 million in unclaimed property, including more than $38 million owed to around 350,000 people in the Baton Rouge area.
State Treasurer John Kennedy said in a news release that the holidays will be especially difficult for families struggling in today’s economy.
“Every little bit helps, and it doesn’t cost a penny to check to see if the state is holding money for you or someone you know,” he stated.
Businesses, churches and charitable groups could also have money sitting in the state treasury. About a half-dozen American Red Cross chapters are listed on the unclaimed property Web site.
The Rev. Derrick Hills, pastor of the St. Mark United Methodist Church in Baton Rouge, which is listed as having unclaimed property in excess of $100, jotted down the number for the treasury’s hotline to check out the claim.
If it turns out to be valid, even a small returned claim will be beneficial, he said.
“The first agencies that feel the effect of the economy as it is are nonprofits like your churches and other charitable organizations,” Hills said.
Unclaimed property includes uncashed payroll checks, old bank accounts, royalties, utility deposits, interest payments, stock certificates and life insurance proceeds.
Around one in six Louisiana residents has unclaimed money with the state, according to the Treasury Department. The average refund is $300 to $400.
According to Louisiana law, property is presumed abandoned when a company cannot locate the property owner for a number of years.
Different types of unclaimed property have different holding periods. For example, utility deposits are held by the company for a year before the money is released to the state, while traveler’s checks have a holding period of 15 years.
Companies holding unclaimed funds first make an effort to contact owners by mail or phone. If they are unsuccessful, they report the names and last known addresses of the owners to the treasury’s unclaimed property division.
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