Thousands of Pennsylvanians are starting to find a little extra cash in their mailboxes, not from any contest or forgotten relative, but from the state's treasury themselves, as Pennsylvania starts distributing the first round of "Pennsylvania Money Match" checks; this initiative returns unclaimed property to its rightful owners, without the usual red tape that might accompany such a process, CBS News Pittsburgh reported.
To streamline what often can be a cumbersome claim process, nearly 7,400 individuals received over $1.7 million this week. Pennsylvania Treasurer Stacy Garrity stated that these checks are legitimate and encouraged recipients to pocket the funds with confidence, saying, "The best news is there's a lot more to come," a sentiment that echoes the broader intention of the program to return single-owner properties valued up to $500 automatically, CBS News Pittsburgh adds.
An estimated one in ten Pennsylvanians has a stake in the $4.5 billion of unclaimed assets held by the Treasury, with the average claim amounting to about $1,600. These assets range from dormant bank accounts and uncashed checks to forgotten stocks and physical items left in abandoned safe deposit boxes. With less bureaucracy involved, getting this money into the right hands is getting easier, at least for some.
While the current batch of checks brightens mailboxes and, ideally, financial situations, automatic returns only apply to properties under the $500 mark. Properties requiring additional actions, such as those valued over $500 or involving multiple owners, are still subject to a claims process that requires search and documentation, as noted by Treasurer Garrity. She also hinted at more proactive efforts, mentioning upcoming legislation to increase the automatic return threshold to a potentially higher figure, ABC 27 detailed.
The PA Treasury encourages checking their database for residents curious whether they have unclaimed property. In contrast, efforts to send out the next batch of approximately 40,000 letters, with Money Match checks to follow, are slated for May, according to the state's plans to dispatch these returns quarterly.
