By Rep. Ryan Mackenzie (R-Lehigh/Berks)
The Pennsylvania Treasury Department is currently holding more than $3.2 billion in unclaimed property, with about one in 10 residents eligible to recoup that property. And one of those individuals could be you. In fact, in 2013, our office helped one local person claim $577,662 that was in a mutual fund held by his mother, who passed away in 2003.
Unclaimed property is any financial asset that has been left inactive by the owner for a period of three years or more. If no lawful owner claims the property at that time, it is transferred to the Treasury.
Unfortunately, these items and funds sometimes go missing for things as simple as a misspelled name or an out-of-date address.
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.
The holders of unclaimed property are financial institutions, insurers, utilities, business associations, medical facilities, sole proprietors, fiduciaries, courts, public officers, government entities and all legal or commercial entities that must file a report with the Pennsylvania Treasury if they have reportable unclaimed property.
To find out if you or a member of your family is entitled to unclaimed property, contact my district office or visit www.patreasury.com. If we can help you prove ownership, the property will be returned to you free of charge. There is no need to pay a private service to submit a claim.
Representative Ryan Mackenzie
Pennsylvania House of Representatives
Media Contact: Tricia Lehman