HARRISBURG, Pa. (Erie News Now) — There are over $4 billion in unclaimed property in the Pennsylvania Treasury Vault. According to Treasury officials, one-in-ten Pennsylvanians have unclaimed property waiting for them.
Unclaimed property includes abandoned stocks and bank accounts, uncashed checks, as well as tangible items like jewelry, military medals and savings bonds. Officials say the average claim is roughly $1,600.
This week, lawmakers and treasury officials announced their plans to make it easier for residents to claim their property, through “money-match” legislation.
“It completely eliminates the red tape. It will return millions of dollars to Pennsylvanians automatically, no forms required. At least 14 other states are already doing it, and Pennsylvania should be the next,” said Pennsylvania Treasurer Stacy Garrity. “Pennsylvania Money Match will get more money back into the wallets of hard-working Pennsylvanians. Many people don’t know they have unclaimed property, and we should make it as easy as possible to get these funds back where they belong,” she added.
“This initiative, which has strong bipartisan support, is truly commonsense and has tremendous potential to help residents get back unclaimed funds during this period of high-inflation and stretched family budgets,” said Sen. John DiSanto (R-Dauphin), who introduced the money match legislation.
According to the Treasury Department, tangible property is held for three years, after which time it may be liquidated and the cash proceeds from the sale held in perpetuity by the state to be claimed by the rightful owner.
The four-hundred-ton steel vault was built in 1939 and is the largest working vault in the nation.