Key Takeaways
- The Pennsylvania Treasury has mailed over $22 million in "Money Match" checks to nearly 100,000 Pennsylvanians as part of the Pennsylvania Money Match program.
- The program allows the state treasury to automatically return unclaimed property valued up to $500 owned by a single individual.
- Unclaimed property includes dormant bank accounts, uncashed checks, forgotten stocks, rebates, and insurance policies, among other things.
- Over one in 10 Pennsylvanians is owed some of the $5 billion in unclaimed property in the treasury’s care, with an average claim value of over $1,000.
- The state treasury warns of scammers using text messages to target potential unclaimed property claimants and advises individuals to be cautious of unsolicited messages.
Introduction to the Pennsylvania Money Match Program
The Pennsylvania Treasury has announced that it has mailed over $22 million in "Money Match" checks to nearly 100,000 Pennsylvanians as part of the Pennsylvania Money Match program. This program is a new initiative that allows the state treasury to return certain unclaimed property to rightful owners automatically. The program was approved unanimously by the General Assembly and signed by the Governor last year, and it has already shown significant results. Treasurer Stacy Garrity has encouraged recipients to cash or deposit the checks promptly, emphasizing that the checks are real and the money belongs to them.
How the Money Match Program Works
The Money Match program is designed to simplify the process of claiming unclaimed property. Before the program was created, residents had to seek out unclaimed property themselves, which could be a time-consuming and cumbersome process. Under the new program, the state treasury can automatically return unclaimed property valued up to $500 owned by a single individual. This means that individuals who are owed small amounts of money can now receive it without having to take any action. However, if the property has multiple owners or is valued higher than $500, Pennsylvanians still need to file a claim.
What Constitutes Unclaimed Property
Unclaimed property includes a wide range of items, such as dormant bank accounts, uncashed checks, forgotten stocks, rebates, and insurance policies. It can also include the contents of abandoned safe deposit boxes. According to the state treasury, more than one in 10 Pennsylvanians is owed some of the $5 billion in unclaimed property in the treasury’s care, with an average value of over $1,000. This highlights the significance of the problem and the importance of the Money Match program in helping to reunite individuals with their lost assets.
Warning About Unclaimed Property Scams
The state treasury has also warned about scammers using text messages to target potential unclaimed property claimants. The department emphasizes that it never reaches out to people in regard to any program, including unclaimed property, via unsolicited text messages. This is an important reminder for individuals to be cautious of unsolicited messages and to verify the authenticity of any claims or communications regarding unclaimed property. By being aware of these scams, individuals can protect themselves and ensure that they receive the money that is rightfully theirs.
Conclusion and Next Steps
The Pennsylvania Money Match program is a significant initiative that has already returned millions of dollars to Pennsylvanians. As the program continues to grow and expand, it is likely that even more individuals will benefit from it. Treasurer Stacy Garrity has encouraged everyone to regularly search for unclaimed property online, as many claims will not qualify for the Money Match process. By taking advantage of this program and being aware of the potential for scams, individuals can reclaim their lost assets and receive the money that is owed to them. With the mailing of the year’s last batch of checks, more than $50 million will have been returned automatically to Pennsylvanians, highlighting the success and impact of the program.