Pennsylvania Returns Unclaimed Funds to Residents

News Summary

The Pennsylvania Treasury Department is launching its Money Match program to return unclaimed funds to over 40,000 residents. This initiative allows checks, for properties valued under $500, to be mailed out directly without requiring claims from individuals. The program aims to streamline the process and ensure residents receive their rightful unclaimed property. Approximately $5 billion is held by the Treasury, and checks are expected to arrive by June 22, 2025, making the retrieval of unclaimed funds more accessible than ever before.

Pennsylvania is set to return unclaimed funds to over 40,000 residents through its Money Match program. The checks, which will be mailed out in the coming weeks, aim to reunite residents with unclaimed property valued at less than $500. This initiative, which does not require individuals to file a claim, is part of a broader effort to streamline the process of reclaiming money owed to residents.

The Pennsylvania Treasury Department’s program is designed to make the retrieval of unclaimed property straightforward. Last week, residents received letters detailing the expected amounts they will receive, with checks anticipated to arrive around June 22, 2025. It is important to note that these checks are not tax refunds and are entirely legitimate, as assured by the state treasury.

The first distribution of the Money Match program already saw 7,380 checks being sent out, amounting to a total of $1.7 million in unclaimed property. Approximately one in ten Pennsylvanians may be owed part of the $5 billion of unclaimed property under the care of the Pennsylvania Treasury. The average value of unclaimed property claims is around $1,600, though the program specifically targets properties valued below $500.

Details About the Money Match Program

The Pennsylvania Money Match program was endorsed unanimously by the Pennsylvania General Assembly and officially signed into law by the Governor. This new law facilitates the automatic return of single-owner properties valued at $500 or less, eliminating the need for individuals to engage in a claims process. Properties included in this initiative range widely and may consist of dormant bank accounts, uncashed checks, forgotten stocks, insurance policies, and items from abandoned safe-deposit boxes.

The aim of the Money Match initiative is to simplify the previous system where residents were required to actively seek out their unclaimed property. The treasury department has confirmed that at least three batches of Money Match letters and checks will be sent out throughout the year to ensure that more Pennsylvanians are able to receive funds owed to them.

What If You Didn’t Receive a Letter?

If residents do not receive a letter regarding their unclaimed property, they are still encouraged to search for potential claims on the Pennsylvania Treasury website. The site offers public notices where residents can look up unclaimed property by name or property ID. However, it’s important to keep in mind that properties valued over $500 or those that have multiple owners will still require the traditional claims process to be followed.

The Pennsylvania Treasury Department aims to make significant strides in returning unclaimed funds through this program, seeking to ensure that more residents can benefit from the money that rightfully belongs to them. As the processing of these unclaimed properties continues, the Treasury encourages those who may be owed money to remain informed and proactive about their rights.

This initiative represents a significant shift toward a more efficient way of handling unclaimed funds and ensures that residents do not have to navigate complex processes to reclaim their assets. With many individuals unaware of what unclaimed property they may have, the program is expected to positively impact a considerable number of residents across the state.

Deeper Dive: News & Info About This Topic

• PennLive: PA Residents Might Receive Up to $500 Soon
• WGAL: Pennsylvania Unclaimed Property Letters
• CBS News: Money Match Pennsylvania Unclaimed Property
• GoErie: Pennsylvania Treasury Money Match
• Metro Philadelphia: Pennsylvania Treasury Unclaimed Property
• Wikipedia: Unclaimed Property
• Google Search: Unclaimed Property Pennsylvania
• Google Scholar: Pennsylvania Unclaimed Property
• Encyclopedia Britannica: Unclaimed Property
• Google News: Pennsylvania Money Match