Over 40,000 Pennsylvanians to Receive Unclaimed Property Payments
HARRISBURG, PA – This week, over 40,000 residents of Pennsylvania will receive letters announcing that they are set to receive funds from unclaimed property, as announced by State Treasurer Stacy Garrity on Wednesday.
Unclaimed property includes various assets such as dormant bank accounts, uncashed checks, forgotten stocks, and contents of abandoned safe deposit boxes. Pennsylvania law mandates that businesses report unclaimed property to the state treasury after three years of inactivity.
The Pennsylvania Money Match program, which was enacted last year, enables the automatic return of unclaimed property valued up to $500 with no paperwork required. Garrity expressed excitement about the initiative, stating, “I’m thrilled to get this money back to hardworking Pennsylvanians without requiring them to file a claim or submit any paperwork at all.”
This initiative excludes properties valued above $500 or those with multiple owners, which will still require claims to be filed with supporting documentation. This marks the second distribution of funds through the program, following March’s release of about 7,500 checks totaling $1.8 million. The current batch includes over $8 million in unclaimed assets.
Payments will continue to be issued quarterly in the form of checks from the Pennsylvania Treasury Department. Residents can check for their unclaimed property online, with over one in ten Pennsylvanians owed a share of the $5 billion held in unclaimed property, averaging over $1,000 per claim.
In a push to reunite residents with their missing funds, the treasury invites Pennsylvanians to take advantage of this opportunity to claim what is rightfully theirs.
For more updates, contact Megan Swift at mswift@triblive.com.
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