For the first time ever, Pennsylvania is returning unclaimed property automatically

Harrisburg, PA — Treasurer Stacy Garrity, Senator Scott E. Hutchinson (R-21), and Representative Ryan Bizzarro (D-3) announced today that the first Pennsylvania Money Match checks, totaling more than $1.7 million, are now on the way to Pennsylvanians’ mailboxes. Pennsylvania Money Match is a new program that allows Treasury to return certain unclaimed property to rightful owners automatically, which was approved unanimously by the General Assembly and signed by the Governor last year.

“In the coming days, more than 7,000 people will receive Pennsylvania Money Match checks totaling more than $1.7 million – and most of these folks didn’t even realize they had unclaimed property waiting for them,” Treasurer Garrity said. “We want to get the word out about this program, and let people know that these checks will be arriving, so everyone knows that this is a real program, this is real money, and it belongs to them!”

“Virtually every Pennsylvanian either has unclaimed property sitting at Treasury or knows someone who does,” said Sen. Hutchinson. “For too long, those funds remained unknown to the rightful owners, and that’s where PA Money Match comes in. This innovative program has revolutionized how we handle unclaimed property in Pennsylvania by automatically matching individuals with their unclaimed funds. As chairman of the Senate Finance Committee, I was proud to work with Treasurer Garrity, former Senator John DiSanto, and colleagues in the House and Senate to get this commonsense initiative across the finish line for Pennsylvanians. Now, with the PA Money Match program in place, those funds are being returned at an even faster rate.”

“Money Match is a great example of government working for you so you don’t have to jump through hoops to claim what’s rightfully yours,” said Rep. Ryan Bizzarro, who was the House sponsor for the program. “I’m hopeful the success of this program will fast-track even more programs and legislation that will allow the Treasury to get your money back in your hands sooner.”

In January, Pennsylvania Treasury sent due diligence letters to Pennsylvanians indicating that unclaimed property would be automatically returned to them. The first round of the Pennsylvania Money Match program includes 7,380 checks, totaling $1.7 million in returned unclaimed property. Money Match checks will be sent quarterly. The next batch, which will include about 40,000 letters with checks to follow, will go out in May.

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.

Senate Bill 24 to create Pennsylvania Money Match, sponsored by former Sen. John DiSanto, was passed unanimously by both the Senate and House last year as Act 81 of 2024. Similar legislation, House Bill 2092, introduced by Rep. Ryan Bizzarro (D-3), also unanimously passed the House.

“I’m thrilled to get this money back to hardworking Pennsylvanians with Money Match,” Treasurer Garrity said. “Thanks to the tremendous support from the General Assembly and the Governor, we were actually able to remove red tape in government, something that’s almost unheard of, by implementing this great program.”

Pennsylvania Money Match does not apply to 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 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 ten Pennsylvanians is owed some of the $4.5 billion in unclaimed property being safeguarded by Treasury. The average value of a claim is about $1,600.

Since taking office, Treasurer Garrity has returned more than $750 million in unclaimed property and has implemented multiple improvements to the unclaimed property program, all designed to make the process easier and faster, including:

• Completing a total system upgrade for the first time in more than 15 years;
• Implementing a fast-track process for many claims; and
• Allowing direct deposit payments for many claimants.

More information about Pennsylvania Money Match is available at patreasury.gov/MoneyMatch.

 

STACY GARRITY, STATE TREASURER
www.patreasury.gov

 

Information provided to TVL by:
Samantha Heckel