The state of Pennsylvania has recently implemented a new law that will allow for the return of some unclaimed money to individuals without a claim. This law aims to return long-lost assets to their rightful owners and simplify the process of claiming unclaimed funds.
Under this new law, the Pennsylvania Treasury Department will be able to return unclaimed property valued at $250 or less to individuals without requiring them to file a claim. This threshold has been increased from the previous limit of $50, allowing for a larger number of people to receive their unclaimed funds without any additional effort.
Individuals who are owed more than $250 will still need to file a claim with the Treasury Department in order to receive their unclaimed property. However, this new law is expected to help return a significant amount of unclaimed money to individuals who may have forgotten about or lost track of their assets over the years.
The Pennsylvania Treasury Department holds over $3 billion in unclaimed funds, including old bank accounts, uncashed paychecks, and forgotten safe deposit boxes. By implementing this new law, the state hopes to reunite more Pennsylvanians with their lost assets and provide them with the financial security they deserve.
Overall, this new law will make it easier for individuals to reclaim their unclaimed money without the hassle of filing a claim. With the implementation of this law, more Pennsylvanians will have the opportunity to access their long-lost funds and put them to good use.
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