Philly cheese steaks, chocolates, soft pretzels and TastyKakes aren’t the only great things you might find in Penn.. There is also the Liberty Bell, Christmas trees (Indiana County is the Christmas Tree capital of the world), steel of course, and last but certainly not least… nice piles of cold hard cash. Actually, cash from Pennsylvania unclaimed money to be exact. You read that right - roughly $1 billion in unclaimed money is with the Penn. State Treasurer’s Office and it’s just waiting to be discovered by the residents it belongs to.
Owners of Penn. unclaimed properties are usually residents (or former residents) of the state who’ve either forgotten about or lost track of their assets by changing addresses and jobs. People often forget to leave behind a forwarding address after they move and this ultimately results in undelivered mail which can contain items like tax refund checks. Escheat laws require abandoned assets be turned over to the care of the state after a number of years wherein they go unclaimed.
According to the Penn. State Treasurer’s Office, “Each year, Treasury receives millions of dollars in unclaimed property from abandoned bank accounts, forgotten stocks, checks that have not been cashed, certificates of deposit, life insurance policies, safe deposit boxes, and other sources. Treasury maintains custody of this unclaimed property, holding assets indefinitely, until it is returned to its rightful owners.” Lost assets can also come from traveler’s checks, money orders, expired gift certificates, uncollected or unpaid salaries and wages, and safe-deposit box contents. As a matter of fact, $157,290 in unpaid wages and salaries were reported to have been owed by the Heinz company recently and the company allegedly failed to report this to the State. Under Penn. Unclaimed Money Law, unpaid payroll funds held by businesses have to be remitted to the Pennsylvania Treasurer’s Office every two years and every 5 years for unclaimed assets like uncashed company checks and stock shares abandoned by shareholders. Pennsylvania State Treasurer Robert Casey recently stated, “By law, all businesses, financial institutions and legal entities must report and return all unclaimed property to the Commonwealth.”
The Penn. Unclaimed Property Div. and the State Treasurer attempts to notify owners of unclaimed money in Penn. state-run unclaimed money databases, advertising campaigns, and through letters. “Annual advertising and letter campaigns are just some of the methods Treasury employs to seek the owners of over $1 billion in unclaimed property. Treasury sends representatives to statewide public events year-round, including malls, consumer expos and fairs. Treasury also works with members of the General Assembly in helping determine if their constituents have unclaimed property”, According to a statement issued by the Treasurer’s Office of Penn..
Considering the enormous size of the Penn. unclaimed money heap though, it’s obvious that the state’s efforts are inadequate for the large number (tens of thousands) of Pennsylvanians owed unclaimed monies each year. If you believe you or anyone you know might have unclaimed money in Penn. or any other state, there’s no time like the present to get some lost money back in your pockets. Do an unclaimed money search ASAP!
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