Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Forgotten but Not Gone Pennsylvanians Collect $254M in Unclaimed Property from the State

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Forgotten but Not Gone Pennsylvanians Collect $254M in Unclaimed Property from the State

Article excerpt

Pennsylvania taxpayers retrieved a historic amount of money - in the form of old paychecks, utility refunds, stocks, bank accounts and the contents of safe deposit boxes - last year from the unclaimed property division of the Pennsylvania Treasury Department.

State treasurer Joe Torsella announced Wednesday that the $254 million distributed in 2017 was the highest amount on record and represents a 34 percent increase from 2016.

Unclaimed property is the term used for any financial asset that has gone unclaimed for a period of time, usually three years. Under Pennsylvania law, businesses are required to report this to the Treasury Department.

Each year, the department receives millions of dollars in unclaimed property - items such as bank accounts, forgotten stocks, uncashed checks and contents of safe deposit boxes. …

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