$3.5 Billion in Unclaimed Property Waiting to be Claimed

$3.5 Billion in Unclaimed Property Waiting to be Claimed

WEST CHESTER, PA — Chester County residents who are short on cash after the holidays may want to check with the Pennsylvania Treasury’s Bureau of Unclaimed Property to see if there is property waiting for them to claim, said state Senator Andy Dinniman.

The Treasury returned hundreds of millions in unclaimed property to Pennsylvanians last year.  Still, there is more than $3.5 billion in unclaimed property waiting to be claimed by its rightful owners and about 1 in 10 residents have unclaimed property waiting for them.

“If you’ve ever forgotten to cash a last paycheck or reclaim a deposit, that money is not lost forever, it is held for you by the Pennsylvania Treasury and it remains available to be claimed by its rightful owner or heir in perpetuity,” Dinniman said. “Very often funds go missing for something as simple as a misspelled name or out-of-date address and you may not even know it.”

You can search the registry by visiting www.patreasury.gov or calling the Treasury’s Bureau of Unclaimed Property toll-free at 1-800-222-2046

Unclaimed property is any financial asset that has gone unclaimed for a period of time, usually three years. Under Pennsylvania law, businesses are required to report this to Treasury, which serves as the custodian until it can find and verify its rightful legal owner. The registry includes items from forgotten bank accounts and stocks, uncashed checks and rebates, the contents of safety deposit boxes and other unclaimed property.

Dinniman encouraged residents to search the database and see if the Treasury may be holding unclaimed property for them.

“I know a lot of us are still paying off bills after the holidays,” Dinniman said. “I encourage you to search the database. If your name is listed, please feel free to contact my district office for assistance in claiming your property. You just might find that you are due a belated Christmas or Hannukah present.”

Source: Andrew E. Dinniman (D), Pennsylvania State Senate, Senate District 19

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