The Pennsylvania Treasury, which currently holds more than $4.5 billion in unclaimed property, has announced an exciting new program aimed at returning lost assets to their rightful owners. Treasurer Stacy Garrity revealed that over 8,000 residents will soon receive letters informing them about their unclaimed property. These individuals will be mailed checks within 45 days, and the first batch of letters will cover claims amounting to over $2 million.
This new initiative called the Money Match program, is designed to streamline the process of returning unclaimed property to the people of Pennsylvania. The key difference with this program is that Pennsylvanians will not have to take any action to claim their property.
Instead of filling out complicated paperwork and submitting claims, eligible residents will automatically receive a check in the mail, making it easier for them to recover what they’re owed.
A Historic Moment for Pennsylvania Residents
“This is a truly historic day,” Treasurer Garrity said in a statement. “For the first time ever, we’re returning unclaimed property to hardworking Pennsylvanians without requiring them to file a claim or submit any paperwork at all. We truly cut red tape out of state government – and how often does that happen?”
The launch of this program marks a significant change in how the state handles unclaimed property. In the past, residents were required to search for unclaimed assets and submit claims with supporting documents. Now, the state is doing much of the work for them, including verifying ownership and directly sending checks to those who are entitled to the property.
Garrity also mentioned that the first batch of letters that will be mailed includes claims worth over $2 million. This batch is only the beginning. According to the Treasury, two more batches will be sent out later this year, expanding the number of residents who will benefit from this program.
What Property is Eligible for Return?
The Money Match program focuses on financial assets that are valued at $500 or less. These assets could include forgotten or inactive bank accounts, old safety deposit boxes, uncashed checks, expired insurance policies, and other forms of unclaimed financial property. In some cases, the original owners may have passed away, and no one came forward to claim their inheritance.
While this program is limited to financial assets, it represents an important step toward making unclaimed property recovery more accessible for individuals. Only property that belongs to individuals—rather than businesses or nonprofits—is eligible for automatic return under this program.
It is important to note that the Money Match program will not apply to tangible items like rare coins, gold, jewelry, or collectibles that are held in the state’s vaults. In such cases, the owners can still reclaim their property by filling out forms with the Treasury, but the state will not automatically send a payment. If the state has sold any of these items at auction, the proceeds from the sale will be available for the rightful owner to claim, and they can do so at any time.
How Does the Auction Work?
Pennsylvania conducts regular auctions for unclaimed tangible items. These auctions feature a wide variety of items, including rare coins, valuable jewelry, and even historical artifacts. The state holds these auctions twice a year to clear out its vaults and make room for incoming unclaimed items.
For example, in the months of October and November, a three-day online auction took place. Among the 5,700 items available for sale were rare coins, bills, gold, diamonds, and jewelry. According to Treasurer Garrity, Pennsylvania’s vault is the largest of its kind in the country, and the state typically spends about three years trying to locate the rightful owners of unclaimed items before offering them for sale at auction.
While the state does its best to return these items to their owners, they will only be auctioned off if the rightful owner cannot be located after a reasonable period. The proceeds from these sales remain available for the owner to claim, regardless of how much time has passed since the auction took place.
Pennsylvania’s Strong Record of Returning Unclaimed Property
Over the past two fiscal years, Pennsylvania has set a record by returning more than $500 million in unclaimed property to residents. However, in the last fiscal year alone, the state took in nearly $540 million in new unclaimed property. This underscores the growing need for efficient systems that can quickly return these funds to the people they belong to.
With the introduction of the Money Match program, the Pennsylvania Treasury aims to make the process of returning unclaimed property faster and more efficient. This initiative will also help reduce the burden on residents who might otherwise struggle with the paperwork required to recover lost assets.
The Money Match program was created by a law passed in 2024. The law was modeled after similar programs that are already in place in over 14 other states. Garrity explained that the program is part of a long-term effort to make it easier for Pennsylvanians to recover lost property.
“This money doesn’t belong to the state. It belongs to Pennsylvania families, and I want to get it back to them,” Garrity emphasized.
How Can Pennsylvanians Check for Unclaimed Property?
For residents who want to check whether they have unclaimed property, the Pennsylvania Treasury has made the process simple. The Treasury’s website includes an online database that allows people to search for property by name and address. If the search results show that the state is holding unclaimed property in their name, they can start the claims process directly from the website.
“This is a service that we provide to Pennsylvanians at no cost,” said Treasury spokesperson Emily Hildebrand. “We do not dispose of any unclaimed property. Instead, we safeguard it until we can return it to its rightful owner, no matter how long it takes.”
The state encourages residents to use the online database to check periodically, as new unclaimed property is constantly being added. By checking regularly, people can make sure they don’t miss out on any assets that may belong to them.
Conclusion
The launch of the Money Match program represents a big step toward making the process of recovering unclaimed property easier for Pennsylvanians. With more than $4.5 billion in unclaimed property, the state is working hard to ensure that this money finds its way back into the hands of its rightful owners.
If you live in Pennsylvania, it’s worth checking the Treasury’s online database to see if any unclaimed property is waiting for you. Thanks to the Money Match program, getting your property back is as easy as waiting for a check to arrive in the mail.
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