Treasury can soon automatically return unclaimed property under $500

15 July 2024- Treasurer Stacy Garrity today praised the General Assembly for unanimously approving legislation to enact Pennsylvania Money Match, which will allow the Pennsylvania Treasury Department – for the first time ever – to automatically return unclaimed property to its rightful owners.

Senate Bill 24, sponsored by Sen. John DiSanto (R-15), was sent to Governor Josh Shapiro for his signature last week. Similar legislation, House Bill 2092, introduced by Rep. Ryan Bizzarro (D-3), unanimously passed the House last week.

“This is a huge and exciting step forward. 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. I want to thank Sen. DiSanto for his strong leadership in the Senate and Rep. Bizzarro for the great work he did in the House. Money Match absolutely deserves the bipartisan support it received.”
Pennsylvania State Treasurer Stacy Garrity

“I am pleased to have partnered with Treasurer Garrity on drafting SB 24 to make it easier for the Pennsylvania Treasury to return unclaimed property to its rightful owners. And I am thankful to my legislative colleagues for passing this commonsense legislation that makes government work better.”
Sen. John DiSanto (R-15)

Pennsylvania Money Match will authorize Treasury to automatically return single-owner properties valued up to $500 after a thorough identification and verification process. At least 14 other states have successfully implemented similar programs.

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.

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.

Source: Tri-State Alert

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