You gotta fight for your right to party. 🤼 Don’t let anyone tell you you’re too old to beerbong a cold Coors in the stadium parking lot. Our forefathers are smiling upon you, king. 😁🍻
You know what you shouldn’t have to fight for? Your unclaimed cash. 💸 To get a hold of your coin, you usually have to file a claim. Now, thanks to a new law, you may get a check automatically!
Here’s Five Fast Facts on unclaimed money in PA:
- 🤑 Claim It on the Rain - PA currently holds roughly $4.5 billion in unclaimed property. This includes money from inactive bank accounts, uncashed checks, and unused gift cards. By law, the money has to be turned over to the state Treasury. To get their hands on it, original owners have a right to file a claim with the state.
- ✅ Checks? Check. - Many people with unclaimed money don’t realize it’s out there. A new law now allows the Treasury to return some of the unclaimed cash back to the owners, no claim necessary. Right now, the law applies only to amounts under $500 owed to a single person. Anything beyond that threshold still requires a claim.
- ⏫ Can You Take Me Higher - Critics say that while the new law is a step in the right direction, the $500 threshold is too low. Other states with similar programs have thresholds between $5,000 and $10,000. PA Treasurer Stacy Garrity originally proposed a limit of $5,000 but officials voted to keep it lower.
- 💌 You’ve Got Mail - The PA Treasurer’s Office is preparing to send out checks up to $500 to Pennsylvanians with unclaimed property. An initial batch of 10,000 address confirmation letters is set to go out this month. Checks will go out between 30 and 45 days later.
- 💰 Step By Step - According to the PA Treasury, over 70,000 people will receive their unclaimed money this year. Overall, the state returns $100 million in unclaimed property each year, but the new claim-free program is starting small with a total of $600,000.
🔥Bottom line: If you’ve got more than $500 flying around out there, don’t panic. You can still file a claim the old way and get your green. Are you happy with how much you have saved? Many Americans aren’t. We recapped all the latest stats on that here.
Do you have any unclaimed property in PA?
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