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

New Tripoli, PA — Treasurer Stacy Garrity, Senator Jarrett Coleman (R-16), and Representative Gary Day (R-187), 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!”

“Because I’m always looking for commonsense ways to make government work better, I proudly supported the creation of the Pennsylvania Money Match Program last year,” said Sen. Jarrett Coleman. “I’m even more pleased that Treasurer Garrity now has Money Match up and running, and in many cases my constituents will automatically be sent the unclaimed property owed to them without having to jump through bureaucratic hoops.”

“The Pennsylvania Money Match program is a smart, practical step toward making government more responsive and accessible to the people it serves, by delivering unclaimed property directly to Pennsylvanians—without the paperwork and delays,” said Rep. Gary Day. “I appreciate Treasurer Garrity for getting this program up and running. I’m proud to support efforts like this that increase efficiency in government and put money back in the pockets of Pennsylvanians.”

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