Treasury returns $269 million to taxpayers during fiscal year
Harrisburg, PA – Pennsylvania Treasurer Joe Torsella today announced that Treasury returned $269,299,682 in unclaimed property to Pennsylvanians during the 2017-18 Fiscal Year. That amount is an 18% increase from the total amount returned to taxpayers in the previous fiscal year and an all-time Treasury record.
“My goal as Treasurer is to help every Pennsylvanian have a better future, and part of that is making sure they get every dollar back that’s rightfully owed to them. While 1 in 10 Pennsylvanians has unclaimed property, for some people, this money is crucial. A check you weren’t expecting for a few hundred dollars can take care of some tough utility bills, or help a family save for college. That’s why I’m so proud that we have returned $269 million to Pennsylvania families this year, and set this new record as a department."
Pennsylvania Treasurer, Joe Torsella
Treasury serves as the custodian of $3.4 billion dollars of unclaimed property. Under Pennsylvania law, entities are required to report any financial asset that has gone unclaimed for a period of time — usually three years — to Treasury. Unclaimed property includes items such as abandoned bank accounts, forgotten stocks, uncashed checks and contents of safety deposit boxes. The assets remain available for claim by the owners or their heirs in perpetuity.
Unclaimed property can also include tangible property like jewelry, coins, and, many times, service awards. As part of an ongoing initiative established by Treasurer Torsella, eighteen “lost” military decorations, including three Purple Hearts, were recently returned to their rightful owners: military veterans or their families. Treasury continues to search for the heirs of over 500 service awards from various conflicts.
Claimants may search Treasury’s website for unclaimed property. Treasury’s Bureau of Unclaimed Property is also available toll-free at 1-800-222-2046 and via email at email@example.com, to help conduct a thorough search for unclaimed property.
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