Louisiana State Treasuries Faces Piles of Missing Money
Louisiana is not far behind when it comes to missing money or property scattered in different parts of the state. The state is planning to introduce certain new initiatives so that the burden can be reduced on the state treasury.
The estimated figures of Louisiana missing money comes to be in millions, which is creating problems for the state treasury. According to the state agencies, the main contributors to the pile of lost money are insurance proceeds, interest payments, utility deposits, old bank accounts and un–cashed checks.
As per the unclaimed property law of the state, the bank accounts or the properties that have been lying idle for a specified period of time have to be passed on to the state for safe keeping. The total unclaimed money pile in Louisiana alone comes up to a massive figure of $330 million.
The state agencies believe that it is because of the ignorance and lack of proper knowledge among people that the pile of lost money is still increasing at a much faster rate. The agencies are planning to create a much simpler and robust technique to make sure that people come up and claim their properties so that the state burden can be reduced. People can find missing money using the latest technology with a single mouse click at the comfort of their home.
The recent initiatives introduced by the government include steps like organizing fairs in different regions to assist claimants in making on the spot decisions and searches. It was after the introduction of such initiatives that more than $1 billion were successfully returned to the rightful owners. Compared to the rate of increase in the lost money pile, the returns made last year seem to be very low but there are many chances of improvements expected from the state initiatives.
