Return cash to people’s pockets

In the many years I’ve been writing about Pennsylvania’s unclaimed property system, I’ve always wondered about something.

The state knows who owns the more than $4 billion in cash and other valuables it is holding. The Treasury office publishes their names in an extensive online database and in annual ads in newspapers. So why doesn’t the state just return the money instead of making people hunt for it and then file a claim?

It is trying to do that. Legislation introduced in March would modernize the unclaimed property process by automatically returning up to $5,000 held for individuals. Claims would still have to be filed for larger amount, and for property held for businesses, governments, nonprofits and other organizations.

At least 14 states already automated their unclaimed property process, according to state Treasurer Stacy Garrity. The legislation, Senate Bill 24, was written by state Sen. John DiSanto, R-Dauphin. He dubbed it “Pennsylvania Money Match.”

The bill would allow money to be automatically returned “after a thorough identification and verification process,” DiSanto said in a legislative memo.

The state has access to all sorts of data, so it’s just a matter of verifying names, addresses and other identifying information.

The process would apply only to unclaimed property held in the name of one person. Shared property, such as that of a married couple, would still require a claim to be filed.

The bill has co-sponsors from both parties. I hope many more senators sign on. Legislation like this is a no-brainer.

One of every 10 Pennsylvanians is owed unclaimed property, with the average claim worth about $1,600. A lot of people don’t know to look for it, though. And to look often, as new property is reported frequently. Other people may look but not bother to file a claim for a small amount.

Last year, the state Treasury returned more than $211 million worth of unclaimed property.

Unclaimed property comes from a variety of sources. It could be proceeds from a bank account or CD you forgot about, from an insurance payment you didn’t know you had coming, from dormant stocks and bonds or from a credit you had with a merchant or vendor. After a period of time has passed, the money must be turned over to the state.

Not all unclaimed property is cash. Items from bank safety deposit boxes are sent to the state after there is no activity on the box for a number of years. The Treasury also receives items that were left behind at colleges and nursing homes. And police departments turn over things they recover from thieves that they can’t return to their rightful owner.

Those items are stored in an underground vault in Harrisburg. Garrity led me on a tour of the vault last year. There are 145 large drawers and several display cases secured in six cages that hold treasures including jewelry, silver table settings, a silver bar, coins and even a $1,000 bill.

During my visit, there were several guitars along with brand new television sets in their original boxes. Historical items included letters from Albert Einstein and Lyndon Johnson.

The state generally holds tangible property for three years and then auctions it. Two auctions are held annually, and the proceeds are held for the owners or their heirs to claim. If Pennsylvania Money Match were to become law, the proceeds would be returned automatically if they met the conditions.

The only items that are not auctioned are military medals and related items such as dog tags.

Pennsylvania Money Match would build on other recent upgrades to the unclaimed property system. Last year, the Treasury began accepting claims online. Previously, paperwork had to be submitted by mail.

Claims-processing times were shortened through a “fast-track” program where claimants are asked a handful of questions to verify their identity and prove the property is theirs. Money was returned by direct deposit last year for the first time as well. Previously, all payments were made by check through the mail.

This is an example of how government should work. It should be identifying ways to make life easier for citizens. And in this case, it would put money in the pockets of possibly thousands of people. Every little bit helps these days.

To search Treasury’s unclaimed property database, go to patreasury.gov/unclaimed-property. You can also call the Treasury at 800-222-2046.

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