Pennsylvania residents may have a surprise waiting for them in their mailboxes, as the first Pennsylvania Money Match checks totaling over $1.7 million are on their way. This new program, unanimously approved by the Pennsylvania General Assembly and the Governor last year, aims to return unclaimed property to its rightful owners automatically. Treasurer Stacy Garrity announced that over 7,000 people will receive these checks in the coming days, with more to follow in quarterly distributions.
The program, initiated in January, is expected to help many Pennsylvanians claim funds they were unaware of. Senator Scott Hutchinson praised the initiative for revolutionizing the process of returning unclaimed property to owners. Money Match, only eligible for single-owner property valued up to $500, simplifies the identification and verification process for claimants. The program is set to mail out 40,000 letters in the next batch in May, spreading awareness among residents.
Unclaimed property, including dormant bank accounts, uncashed checks, and forgotten stocks, amounts to $4.5 billion in Pennsylvania. With more than one in ten Pennsylvanians owed some of this unclaimed property, the average claim value stands at about $1,600. The program is expected to fast-track future initiatives for timely return of unclaimed property. Residents are encouraged to check the Pennsylvania Treasury’s Unclaimed Property database to start claiming their funds.
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