PA treasury has $4.5B in unclaimed property. How to find out if some belongs to you
Are you still missing any belongings after searching for years? You might be owed part of the billions of dollars’ worth of unclaimed property held by the Pennsylvania Treasury.
According to a news release published Monday, the state treasury holds more than $4.5 billion worth of unclaimed property as of mid-May. A good chunk of that is believed to belong to current or former Centre County residents, businesses and other organizations with connections to Pennsylvania.
Though it is not too late to secure these items, you’ll need to take a few steps to search through the agency’s database and properly file a claim. Here’s what you need to know if you hope to recover unclaimed property in Pennsylvania.
What is unclaimed property? How much is tied to Centre County?
Broadly, unclaimed property can come in many forms, including dormant bank accounts, uncashed checks, utility refunds, stock earnings and insurance policies, according to the Pennsylvania Treasury. Once these are deemed undeliverable, they are turned over to state agencies like the treasury, whose primary responsibilities include returning unclaimed property when possible.
Unclaimed property can also exist as tangible items and goods, including jewelry or other valuables stored in abandoned safe deposit boxes. If three years pass before it can find rightful owners, the Pennsylvania Treasury can auction off the tangible property. Proceeds through these auctions remain available in perpetuity for rightful owners to claim.
Roughly $21.4 million worth of unclaimed property is owed to current and former residents of Centre County, businesses and more. An average claim filed through the Pennsylvania Treasury is worth about $1,600, but they can range from a few bucks to several thousands of dollars.
More than 1 in 10 Pennsylvanians are owed unclaimed property, the Pennsylvania Treasury says.
The Pennsylvania Treasury returned nearly $274 million in unclaimed property during the 2022-23 fiscal year, marking the agency’s highest-ever total in a single year. The department successfully returned roughly $142.2 million in unclaimed property during the 2021-22 fiscal year and about $139.1 million the year before that.
The state treasury says it has returned nearly $2.7 million in unclaimed property to Centre County residents over the past three years
How can I search for unlisted property in Pennsylvania?
You can visit patreasury.gov/unclaimed-property to sift through the Pennsylvania Treasury’s unclaimed property database. Fill out the online form with your last name, your company’s name or other pieces of identifying information to narrow searches, find unclaimed property and file claims as needed.
An additional database for locating unclaimed military decorations is available at unclaimedproperty.patreasury.gov/en/Medals.
Those who need assistance searching for unclaimed property can call the treasury at 800-222-2046 or send an email to tupmail@patreasury.gov. State legislative offices may also assist these efforts, the treasury says.
“Every dollar can make a huge difference for families right now, so I encourage everyone to search our website for themselves and their loved ones to see if they’re owed any unclaimed property,” Pennsylvania Treasurer Stacy Garrity said in a statement. “We’re all still getting hit by inflation with high prices at the grocery store, and the price of gas is climbing again. I want to get this money back where it belongs — in the pockets of hardworking Pennsylvanians.”
Payouts and return times may vary, the Pennsylvania Treasury says. Generally, smaller claims and those completed using Social Security verification are processed more quickly.
You find unclaimed property in other states by using nongovernment tools like Missing Money, sponsored by the National Association of State Treasurers.
This story was originally published May 14, 2024 at 10:11 AM.
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