Recently, the Pennsylvania Treasury mailed over $22 million in “Money Match” checks to nearly 100,000 residents. This initiative, part of the Pennsylvania Money Match program, aims to return unclaimed property to its rightful owners.
Details of the Money Match Program
The Pennsylvania Treasury announced that citizens should watch for these checks. Treasurer Stacy Garrity encouraged recipients to cash or deposit their payments promptly. This initiative is part of an automatic process established to return certain unclaimed properties valued up to $500 to individuals without requiring them to file a claim.
Background and Significance
The Pennsylvania Money Match program was unanimously approved by the General Assembly and signed into law by the Governor last year. Garrity emphasized the reality of these checks, stating, “I want Pennsylvanians to know that this is a real check, it is real money, and it belongs to them.” With the latest distribution, the total amount returned under this program will exceed $50 million.
Understanding Unclaimed Property
Unclaimed property may consist of dormant bank accounts, uncashed checks, forgotten stocks, rebates, insurance policies, and even abandoned safe deposit box contents. The state treasury estimates that more than one in ten Pennsylvanians is entitled to a portion of the $5 billion in unclaimed property currently managed by the state.
- The average value of a claim exceeds $1,000.
- Checks over $500 or those with multiple owners still require claims to be filed.
Scams to Watch Out For
Residents should remain vigilant against scams related to unclaimed property. The Pennsylvania Treasury warns that it does not contact individuals via unsolicited text messages regarding their programs. Such scams can mislead potential claimants.
In conclusion, the Pennsylvania Money Match program represents a significant effort by the state to return unclaimed funds to residents. Pennsylvanians are encouraged to check their eligibility for these funds and remain alert for potential scams.
