Forgotten but not gone
Pennsylvanians collect $254M in unclaimed property from the state
Pennsylvania taxpayers retrieved a historic amount of money — in the form of old paychecks, utility refunds, stocks, bank accounts and the contents of safe deposit boxes — last year from the unclaimed property division of the Pennsylvania Treasury Department.
State treasurer Joe Torsella announced Wednesday that the $254 million distributed in 2017 was the highest amount on record and represents a 34 percent increase from 2016.
Unclaimed property is the term used for 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 the Treasury Department.
Each year, the department receives millions of dollars in unclaimed property — items such as bank accounts, forgotten stocks,
uncashed checks and contents of safe deposit boxes.
The property remains available for claim by the owners or their heirs in perpetuity, and the Treasury Department serves as custodian until it can find and verify its rightful legal owner.
The unclaimed property division is like a giant lost-and-found department. All unclaimed property is held in the general fund until it is claimed. Until then, it continues to earn interest for the owners. There is no time limit on claiming the property.
Potential claimants may search Treasury’s website at www.patreasury.gov for unclaimed property, or call the Treasury’s bureau of unclaimed property toll free at 1-800-222-2046 to help conduct a thorough search.