Pennsylvania Treasury Launches Revolutionary "Money Match" Program
A Milestone Move Toward Automatic Returns
For the first time ever, the Pennsylvania Treasury Department is paving the way for residents to reclaim their unclaimed property automatically! Thanks to a recently enacted law, many Pennsylvanians will soon find unexpected cash in their mailboxes.
"The first Pennsylvania Money Match checks are officially in the mail and they’re on their way to their rightful owners—how great is that?" exclaimed Pennsylvania Treasurer Stacy Garrity. In an exciting move, over $1.7 million in checks were sent to nearly 7,400 individuals this week alone. If you happen to receive one of these checks, rest assured—the money rightfully belongs to you!
What’s the Buzz About the Money Match Program?
So, what exactly does this Money Match program entail? It allows the treasury to automatically return certain unclaimed properties to individuals without any hassle.
“This means no searching, no forms to fill out, and no documents to provide!” Garrity explained. The automatic returns apply specifically to unclaimed property valued at up to $500 and owned by a single individual. For higher-valued properties or those with multiple owners, traditional filing and searching will still be necessary.
Nina Hard, a thrilled recipient of the Money Match check, expressed her surprise: “I was completely unaware that I had unclaimed property until I received a letter back in January from the Pennsylvania Treasury stating that I would be receiving a check for nearly $500."
The Scope of Unclaimed Property
The Pennsylvania Treasury holds a staggering $4.5 billion in unclaimed property, which consists of various items, including old bank accounts, uncashed checks, rebates, and even contents from abandoned safe deposit boxes.
What’s Next?
Garrity revealed that the distribution of Money Match checks will occur quarterly, with the next wave of notifications set to reach 40,000 individuals in May, followed by the issuance of checks in mid-June. This significant effort underscores the commitment to putting money back into the hands of those who rightfully earned it.
“It’s a simple, efficient, and effective way to get money back into the hands of the people who own it and deserve it,” remarked Senator Scott Hutchinson (R-21). Representative Ryan Bizzarro (D-3) shared a complimentary sentiment, stating, “Less red tape, less paperwork, and more money in your pocket… after all, money should be going to the people who earned it.”
How to Access Your Unclaimed Property
While the Money Match program offers a seamless way to reclaim small amounts of unclaimed property, Garrity encouraged everyone to actively search for unclaimed property exceeding $500 or belonging to multiple owners. Residents can access the Pennsylvania Treasury’s wealth of information through their official unclaimed property website.
Legislative Changes on the Horizon
Excitingly, lawmakers are considering amendments to the current program. Two proposed bills aim to increase the threshold for automatic returns to thousands of dollars, streamlining the process even further.
Final Thoughts
The launch of Pennsylvania’s Money Match program represents a remarkable shift in how unclaimed property is managed, fostering greater transparency and efficiency. This does more than just lighten bureaucratic burdens; it empowers residents to reclaim what’s theirs with minimal effort. Keep an eye on your mailbox and take advantage of this exciting new initiative!
For more intriguing updates, follow Jessica Guay on her journey reporting for CBS News.
