Treasurer Stacy Garrity: More Than 40,000 Money Match Letters Being Sent to Pennsylvanians This Week
For the second time, Pennsylvania is returning unclaimed property automatically
Harrisburg, PA — Treasurer Stacy Garrity announced today that more than 40,000 Pennsylvanians will receive letters this week indicating that unclaimed property will be automatically returned to them through the Pennsylvania Money Match program.
“I’m thrilled to get this money back to hardworking Pennsylvanians without requiring them to file a claim or submit any paperwork at all,” Treasurer Garrity said. “We are actually able to remove red tape from government, something that’s almost unheard of, with this great program. If you receive a Money Match letter, read it and keep it! About 45 days later, your unclaimed property will arrive in the form of a check from the Pennsylvania Treasury Department, so make sure you cash the check! But even if you don’t get a letter, it’s still easy to see if you have any unclaimed property available! Just visit our website and search for your name.”
In March, Treasury sent 7,468 checks, totaling $1.8 million in returned unclaimed property. The second batch of letters includes more than $8 million worth of unclaimed property being returned to its rightful owners. Money Match letters and checks will be sent quarterly.
Pennsylvania Money Match authorizes Treasury to automatically return single-owner properties valued up to $500 after a thorough identification and verification process. At least 14 other states have successfully implemented similar programs.
Pennsylvania Money Match was signed into law last year after Senate Bill 24, sponsored by former Sen. John DiSanto, was passed unanimously by both the Senate and House.
Pennsylvania Money Match does not affect claims for properties valued above $500 or those that have multiple owners or other complexities. Those claimants will still need to file a claim and provide any required supporting documentation.
Unclaimed property includes things such as dormant bank accounts, uncashed checks, forgotten stocks, insurance policies, tangible property like the contents of abandoned safe deposit boxes, and more. In most cases, state law requires businesses to report unclaimed property to Treasury after three years of dormancy.
More than one in 10 Pennsylvanians is owed some of the $5 billion in unclaimed property being safeguarded by Treasury. The average value of a claim is more than $1,000.
Since taking office, Treasurer Garrity has returned more than $880 million in unclaimed property and has implemented multiple improvements to the unclaimed property program, all designed to make the process easier and faster, including:
Implementing an online fast-track process for automated approval of many claims.
- Allowing claimants to select to receive their payment by direct deposit.
- Implementing a new law which allowed more distant family members to make claim to property (under $11,000) whose owner has died via a Relationship Affidavit.
- Implementing fraud training and new fraud controls which has led to identification and prevention of wrongful payments.
More information about Pennsylvania Money Match is available at patreasury.gov/MoneyMatch.
Information provided to TVL by:
Samantha Heckel
