Pennsylvania wants to put unclaimed money directly in your pocket. A new law could help
Are you struggling to recoup unclaimed money in Pennsylvania? Thanks to a new law, that process should get easier starting next year.
New legislation signed into law by Gov. Josh Shapiro over the summer will give the Pennsylvania Treasury power to return some unclaimed funds on behalf of their rightful owners. In a statement, Treasurer Stacy Garrity said the automatic return program, dubbed Pennsylvania Money Match, will help get money back into the right hands more efficiently.
“This is a huge and exciting step forward,” Garrity said in a July 15 statement shortly after lawmakers sent the legislation to Shapiro’s desk. “With Pennsylvania Money match, we’ll be able to return unclaimed money directly to thousands of hardworking Pennsylvanians. Government isn’t known for removing red tape, but that’s exactly what this bill will do.”
Though the automatic return program offers a significant step forward, not all Pennsylvanians seeking unclaimed money will get the chance to use it. Here’s what you need to know about the process, plus Pennsylvania’s laws on unclaimed or mislaid property.
What is considered unclaimed money?
Unclaimed money and property can come in many forms, including dormant bank accounts, uncashed checks, unused gift cards and certificates, utility refunds, stock earnings and even insurance policies that, by law, are turned over to the state. Unclaimed property can also exist in the form of tangible items and goods, including jewelry and other valuables.
You might be more likely to have a claim than you think. The Pennsylvania Treasury estimates roughly 1 in 10 Pennsylvanians are owed some sort of unclaimed property. Notably, the rightful owners of property in Pennsylvania never lose their right to file a claim to get their funds back. However, it is ultimately their responsibility to take action and help the treasury return owed money or property.
Today, the Pennsylvania Treasury estimates it holds more than $4.5 billion in unclaimed property. The average claim completed by the agency is worth about $1,600, but claims can range from just a few dollars to several thousand.
Back in May, the Pennsylvania Treasury estimated roughly $21.4 million worth of unclaimed property is owed to current and former Centre County residents. The commonwealth has returned nearly $2.7 million in unclaimed property to Centre County residents over the past three years.
How will Pennsylvania’s automatic unclaimed money returns work?
The Pennsylvania Treasury will be able to proactively return some unclaimed money to claimants without requiring them to file any paperwork. However, not all claimants will be eligible to benefit from the new program.
This automatic process applies only to amounts of $500 or less owed to a single person. Claims that exceed the threshold or seek funds owed to more than one person (or to a business, nonprofit organization, local government and so on) will still require filed paperwork.
Legislative estimates project about 70,000 Pennsylvanians will receive money back in 2025, but those returns will amount to just about $600,000, according to Spotlight PA. The Pennsylvania Treasury returned a record-setting nearly $274 million in unclaimed property during the 2022-23 fiscal year.
How can I search for unclaimed property in Pennsylvania?
To see if you’re owed any funds or property, visit patreasury.gov/unclaimed-property. There, you can sift through the commonwealth’s unclaimed property database and file online claims using your personal information.
Pennsylvania maintains a separate database for locating unclaimed military decorations, available at unclaimedproperty.patreasury.gov/en/medals.
Those who need help searching for unclaimed property in Pennsylvania can call the treasury at 800-222-2046 or send an email to tupmail@patreasury.gov. State legislative offices can also help in these efforts.
Ultimately, payouts and return times may vary, the treasury says. Smaller claims and those completed using Social Security verification are often processed faster.
You can find unclaimed property across the rest of the U.S. by using nongovernment tools such as Missing Money, sponsored by the National Association of State Treasurers.
What is mislaid property?
Unclaimed property should not be confused with mislaid property. The latter describes property that has been lost, mislaid or delivered by mistake, and taking it without permission can have significant legal consequences. A common example of mislaid property is a person’s wallet left behind or a package delivered to the wrong address.
Keeping mislaid property is a crime in Pennsylvania — especially if you don’t try to find the property’s rightful owner. Generally, a person must intentionally keep mislaid property and avoid attempting to return it to violate Pennsylvania law.
“A person who comes into control of property of another that he knows to have been lost, mislaid or delivered under a mistake as to the nature or amount of the property or the identity of the recipient is guilty of theft if, with intent to deprive the owner of thereof, he fails to take reasonable measure to restore the property to a person entitled to have it,” Pennsylvania law reads.
Reasonable steps to return mislaid property include alerting nearby employees or officials or contacting law enforcement to make arrangements for property returns. Taking reasonable steps to find the owner or return mislaid property should, generally, clarify your intentions.
Punishments for theft can vary widely in Pennsylvania. Generally, theft of items valued below $2,000 can fetch a misdemeanor charge, but high-value cases can result in felony convictions. The amount involved in a theft is often determined by the stolen items’ market value or cost of replacement.
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