Treasury returns $2.3 million in unclaimed oil royalties to Louisiana resident

Treasury returns $2.3 million in unclaimed oil royalties to Louisiana resident
(FOX 8 Photo)

NEW ORLEANS, LA (WVUE) - The Louisiana Department of the Treasury has returned $2.3 million in unclaimed oil royalties to a north Louisiana resident, according to State Treasurer John M. Schroder.

Schroder said this is the largest amount of money ever returned to one person in the history of the Unclaimed Property Program.

To see if you have money to claim, search online at www.latreasury.com or call the Treasury's toll-free hotline at 1-888-925-4127. 

"This definitely was a special case, because most of our claims fall somewhere in the $900 range," said Treasurer Schroder. "Even if you don't find millions, it's worth your time to see if there is money out there waiting for you."

According to the report, the $2.3 million claim resulted from unclaimed oil royalties from a deceased relative. The Treasury also collects old bank accounts, insurance proceeds, utility deposits and other funds from businesses when they cannot locate the rightful owners. This usually occurs because of incorrect or new addresses, Schroder said in the report.

This year the Treasury has collected $83.8 million and has returned $28.7 million to 38,398 individuals, according to Schroder.

"More people than ever are claiming their money, and this is partly due to our new online system and fast tracking of claims," said Treasurer Schroder. "We've already processed almost 12,000 more claims than last year."

The state has $858 million in unclaimed property on the books that remains to be claimed by citizens.

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