HARRISBURG – Treasurer Stacy Garrity celebrated another record for returning unclaimed property: For the first time ever, the Pennsylvania Treasury Department returned more than $500 million over two consecutive years. The Treasury also set records for the number of claims paid in a single year and the amount of unclaimed property collected from holders in a single year.
“Returning more than half a billion dollars in just two years is tremendous,” Garrity said. “Every dollar we return to Pennsylvania families is money they can use to buy groceries, fill up their cars with gas or pay their rent or mortgage. Our unclaimed property team keeps doing amazing work – and we’re not slowing down.”
A combined total of $505.7 million was returned in fiscal years 2022-23 and 2023-24, the first two-year period in which Treasury has returned more than $500 million of unclaimed property. This includes a single-year record of $273.7 million returned in FY 22-23 and an additional $232 million returned in FY 23-24.
Garrity also highlighted new laws that will make the state’s unclaimed property program work even better.
Pennsylvania Money Match, Act 81 of 2024, was sponsored by Sen. John DiSanto (R-15) in the Senate, along with Rep. Ryan Bizzarro (D-3) and Rep. Marla Brown (R-9) in the House. The new law will allow Treasury to automatically return single-owner properties valued up to $500.
“I was proud to partner with Treasurer Garrity on my SB 24, now Act 81 of 2024, to simplify and expedite the process for returning unclaimed property to its rightful owners, and I look forward to Treasury reuniting even more Pennsylvanians with their money in the future,” DiSanto said.
“Treasurer Garrity reached a milestone in returning money, and I remain hopeful the General Assembly will further modernize the unclaimed property process to help return even more money to the pockets of Pennsylvania residents,” Bizzarro said.
“This milestone reflects our commitment to ensuring every citizen has access to what rightfully belongs to them. I encourage everyone to check their eligibility,” Brown said. “This is not just a financial opportunity, but a chance to reclaim a piece of your history.”
Act 65 of 2024, which was sponsored by Rep. Joe Ciresi (D-146), will make it easier for heirs to claim unclaimed property which belonged to deceased relatives by adding grandchildren, great-grandchildren, nieces, nephews and others to the list of those legally able to claim unclaimed property.
“Thanks to this new law to help claimants and reduce red tape, we’re able to reconnect more Pennsylvanians with the money that’s rightfully theirs,” Ciresi said. “This will give a new opportunity to those who had given up on the claims process before, ensuring more consistency in our state’s inheritance law and simplifying the paperwork needed for grandchildren, nieces and nephews, grandparents, and other descendants and relatives. I’ve already heard from constituents who are relieved at having this simplified option, and I’m grateful for the bipartisan support this improvement to our unclaimed property system received to make government work better for the people.”
Treasury also processed 220,910 claims during FY 23-24, the most ever in a single year, and collected a record amount of incoming unclaimed property from holders in FY 23-24, a total of $539.9 million.
“Receiving unclaimed property from the businesses required to report it to Treasury is the first step in returning it,” Garrity said. “By making sure companies comply with the unclaimed property law, we’re able to reunite this money with the rightful owners as quickly as possible.”
To see if any unclaimed property if available for you, your business, nonprofit or local government agency, visit patreasury.gov/unclaimed-property. It takes less than a minute to search.
