Schroder: Unclaimed property money does not belong in the state budget
State Treasurer John M. Schroder issued the following statement recently after the Revenue Estimating Conference agreed to remove Unclaimed Property money from the official forecast and stop the practice of using this money as a revenue source for the state budget:
“I take my responsibility as State Treasurer very seriously. One of my biggest responsibilities is the safekeeping of payroll checks, old bank accounts, royalties and other lost money that is turned over to us by businesses,” said Treasurer Schroder. “This money doesn’t belong to the state. It belongs to the people to Louisiana. It’s your money. Claim it.”
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 refunds averaging $900.
John M. Schroder is the treasurer of the State of Louisiana. His office may be contacted to inquire about Unclaimed Property. You may search at www.latreasury.com or call 888.925.4127.