This week, over 40,000 residents of Pennsylvania are expected to receive notifications that they will soon be getting refunds from unclaimed property, as announced by State Treasurer Stacy Garrity. The initiative involves returning dormant assets such as forgotten bank accounts, uncashed checks, and abandoned safe deposit box contents. Under state law, businesses must transfer these unclaimed properties to the treasury after three years of inactivity. The Pennsylvania Money Match program, established last year, automatically returns single-owner properties valued up to $500 without requiring any paperwork from the recipients.

Unclaimed property encompasses a wide array of items, including inactive bank accounts, overlooked securities, and tangible goods like the contents of neglected safety deposit boxes. Most of these assets are transferred to the state treasury if not claimed within a specified timeframe. The newly implemented Pennsylvania Money Match program seeks to streamline this process by automating the return of properties worth up to $500 for single owners. This innovative approach eliminates the need for claimants to complete tedious forms or provide extensive documentation.

Garrity expressed her excitement about facilitating financial returns to Pennsylvanians without necessitating claims or paperwork submissions. However, the program excludes properties valued above $500 or those with multiple ownerships or complexities, which still require traditional claiming processes. This marks the second round of letters being distributed under the program, following an earlier batch in March where approximately 7,500 checks totaling $1.8 million were sent out.

In the latest distribution, more than $8 million in unclaimed property is set to be returned. Moving forward, Money Match letters and checks will continue to be dispatched on a quarterly basis. Residents can verify their eligibility for unclaimed funds by searching online using their names. With over $5 billion safeguarded by the treasury, it is estimated that more than one in ten Pennsylvanians are owed money, with the average claim exceeding $1,000.

As the program progresses, thousands of Pennsylvanians stand to benefit from the automatic return of their unclaimed assets. By simplifying the process and reducing bureaucratic hurdles, the state aims to ensure that rightful owners regain access to their long-lost resources, fostering financial well-being across the community.