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Pennsylvania Distributes Second Round of Money Match Checks

Pennsylvania's initiative to distribute Money Match checks to eligible residents.

News Summary

Pennsylvania has launched the second round of the Money Match program, mailing out over $9.2 million in checks to around 40,000 eligible residents. The initiative aims to return unclaimed property valued up to $500 to its rightful owners. Approved unanimously by the Pennsylvania General Assembly in 2024, the program identifies dormant assets, such as uncashed checks and inactive bank accounts. The Treasury holds approximately $4.5 billion in unclaimed assets, indicating that more than one in ten residents may have unclaimed property. The next round of checks is expected in August, encouraging prompt cashing.

Pennsylvania has initiated the second round of Money Match checks, distributing over $9.2 million to its residents. Pennsylvania Treasurer Stacy Garrity announced that approximately 40,000 checks have been mailed out to eligible individuals as part of this distribution effort.

The Money Match program aims to automatically return unclaimed property valued at up to $500 to the rightful owners. Eligible recipients were notified by mail in May, notifying them about their potential claims before the checks were issued. This initiative is part of a broader effort to reunite residents with their dormant assets.

The program was unanimously approved by the Pennsylvania General Assembly and subsequently signed into law in 2024. It functions under state law that requires businesses to report unclaimed property to the Treasury after three years of inactivity. Unclaimed property may include items such as dormant bank accounts, uncashed checks, and contents of safe deposit boxes.

The average claim for unclaimed property is approximately $1,600, with the Treasury safeguarding a whopping $4.5 billion in total unclaimed assets. This indicates that around one in ten Pennsylvanians may be owed such property. However, it is important to note that the Money Match program is limited to claims under $500 and does not extend to properties with multiple owners. In such cases, claimants must file their claims independently and provide the necessary documentation.

The Money Match checks will be distributed quarterly, with the next round expected to occur in August. As these checks represent actual money owed to recipients, the Treasurer has underscored the importance of cashing them promptly.

For those interested in learning more about the Money Match program, additional information can be found on the PA Treasury’s official website. Residents are encouraged to stay informed about their potential unclaimed property status, as the program strives to enhance the financial well-being of Pennsylvanians through this streamlined approach to asset recovery.