The Pennsylvania Treasury Department is currently holding more than $2.3 billion in unclaimed property, with about one in 10 residents eligible to recoup that property.
Unclaimed property is any financial asset that has been left inactive by the owner for a period of seven years or more. If no lawful owner claims the property at that time, it is transferred to the Treasury.
The most common kinds of unclaimed property include savings and checking accounts, uncashed checks, unclaimed insurance benefits and items abandoned in forgotten safe deposit boxes. The amounts can range from a few dollars to a few thousand dollars.
To find out if you or a member of your family is entitled to unclaimed property, please visit www.patreasury.com. After proving ownership, the property will be returned to you free of charge.
Please be advised that there has been a surge of unclaimed property scams targeting victims through fake letters and emails in which scammers portray themselves as National Association of Unclaimed Property Administrators (NAUPA) or state Treasury representatives.
Instances have been reported where fraudulent communication uses NAUPA letterhead, and scammers request personal information and a small fee in exchange for the promise to obtain the unclaimed property, which they say may be worth hundreds of thousands of dollars.
There is no need to pay a private service to submit a claim. If you need assistance pursuing your unclaimed property, please call my office at (717) 284-1965.
This article was submitted by Pennsylvania State Rep. Bryan Cutler (R-Peach Bottom), who may be reached at firstname.lastname@example.org. You may also view his website at www.RepCutler.com.