BETHLEHEM, Pa. — The check is in the mail.
At least, it will be in 45 days, according to an email from state Treasurer Stacy Garrity Friday.
Announcing an attempt by the state to return $4.5 billion in unclaimed property, Garrity today said more than 8,000 Pennsylvanians will receive letters this week indicating that property will be automatically returned to them.
It's the first time recipients don't have to complete a form or other process in order to retrieve what is theirs, thanks to the new Pennsylvania Money Match program approved in July.
“This is a truly historic day,” Garrity said. “For the first time ever, we’re returning unclaimed property to hardworking Pennsylvanians without requiring them to file a claim or submit any paperwork at all.
"We truly cut red tape out of state government — and how often does that happen? 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.”
Define 'unclaimed property'
According to the State Treasury's Money Match website, 'unclaimed property can be old bank accounts, uncashed paychecks, insurance payments, rebates — the list is virtually endless.'
"This is money that belongs to people just like you, and we want to return it. More than 1 in 10 Pennsylvanians has unclaimed property available to be claimed!" the website states.
The first batch of letters includes 8,366 claims totaling over $2 million worth of unclaimed property being returned to its rightful owners, according to the email. The first Money Match checks are scheduled to be sent out in about 45 days.
“This Saturday is National Unclaimed Property Day, and I can’t think of a better way to celebrate than by sending out the first Money Match letters."State Treasurer Stacy Garrity
Pennsylvania Money Match authorizes the Pennsylvania Treasury to automatically return single-owner properties valued up to $500 after a thorough identification and verification process, the email said. At least 14 other states have successfully implemented similar programs.
“This Saturday is National Unclaimed Property Day, and I can’t think of a better way to celebrate than by sending out the first Money Match letters,” Garrity said. “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.”
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. Similar legislation, House Bill 2092, introduced by Rep. Ryan Bizzarro (D-3), also unanimously passed the House.
“This will be an ongoing effort. This money doesn’t belong to the state. It belongs to Pennsylvania families, and I want to get it back to them!”Stacy Garrity, state treasurer
Treasury plans to send a total of at least three batches of Money Match letters and checks in 2025. “This will be an ongoing effort,” Garrity said. “This money doesn’t belong to the state. It belongs to Pennsylvania families, and I want to get it back to them!”
Pennsylvania Money Match will 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.
Odds and averages
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 $700 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.
