SOURCE: PA Treasury

PA Treasury

January 20, 2016 11:09 ET

PA Treasury Returns More Than $136 Million in Unclaimed Property in 2015

Currently Seeking Rightful Owners of Another $2.5 Billion

HARRISBURG, PA--(Marketwired - January 20, 2016) - The Pennsylvania Treasury reunited thousands of Pennsylvanians with a record $136.3 million in property and money in 2015 bringing the total value of money and items returned since July 1, 2005 to more than $1.1 billion. Additionally, Treasury collected a record $672.7 million in dormant and forgotten property last year, a 126 percent increase over 2014.

"In 2015, the Pennsylvania Treasury collected and returned more unclaimed property than any other year," Treasurer Timothy Reese said. "Approximately one in ten Pennsylvanians have unclaimed property and Treasury's goal is to reconnect as many people as possible with property and funds that are rightfully theirs. By all accounts 2015 was a record year." 

Overall, since July 1, 2005, Treasury has collected more than $2.6 billion in property and returned more than $1.1 billion to rightful owners. Treasury currently seeks the owners of $2.5 billion in unclaimed property in its possession.

Every year, Treasury receives millions of dollars in unclaimed property -- items such as abandoned bank accounts, forgotten stocks, uncashed checks and contents of safety deposit boxes. The property remains available to be claimed by the owners or their heirs in perpetuity. Treasury serves as the custodian of unclaimed property until it can find and verify its rightful legal owner.

"We are in the process of sending 200,000 notifications to potential property owners to alert them that they may have unclaimed property," said Reese. "Our claims process and call center staff make claiming property as easy and seamless as possible. While there is no time limit to claim unclaimed property, all Pennsylvanians should regularly check to see if Treasury has property that belongs to them." 

Businesses are required by law to turn over to the state any abandoned money or property after three years of inactivity or dormancy. Treasury communicates these requirements to businesses and holds a series of webinars to better educate potential holders of property about the process to ensure entities holding property are in compliance with state law.

To learn more about Pennsylvania's Unclaimed Property Program or to search for money or other items held by Treasury, visit www.patreasury.gov or call 800-222-2046.

The Pennsylvania Treasury is an independent department of state government led by the state treasurer, who is elected every four years. The department's primary duty is to safeguard and manage the state's public funds. It invests state money to generate income on behalf of the citizens of Pennsylvania, reviews and processes payments for state government agencies, and serves as custodian of more than $100 billion in state funds. Key Treasury programs include Unclaimed Property, PA 529 College Savings Program and the Board of Finance and Revenue. To learn more visit patreasury.gov.

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