State: $635M unclaimed

Published 10:18 am Saturday, December 13, 2014

Of the $635 million in unclaimed money overseen by the state, $14 million belongs to Calcasieu Parish residents. And Louisiana Treasurer John Kennedy urges people to search the database at www.latreasury.com to see if their names are listed.

The average unclaimed property claim is $200-$400 and includes old savings and checking accounts, uncashed payroll checks, stocks and dividends, insurance proceeds, oil and gas royalty payments, and utility deposits.

The state has given back over $330 million to about 570,000 residents since the program began in 1996.

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“We have done a good job of returning the money over the life of the program,” Kennedy said. “The reason we have so much left is because it comes in every day. As fast as we return it we get more in just as fast.”

The money will remain in the hands of the state “forever,” Kennedy said, until it is claimed by the rightful owner, a child of a deceased parent, or by a widow or widower of a deceased spouse.

He said there have been several bills introduced in the state Legislature to take unclaimed money after a certain amount of time, but the efforts have been unsuccessful.

The state fights two things in trying to give people their money back, Kennedy said. Either people don’t know about the online site, or they think it’s a trick, he said.

People claimed more than $35 million through the database in the budget year that ended June 30. But another $98 million of unclaimed property rolled into the state, Kennedy said.

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Online: Search for unclaimed property at http://bit.ly/1vZUzlM.(MGNonline)