The Pennsylvania Treasury Department has begun mailing the first round of Money Match checks, a new initiative designed to return unclaimed property to residents automatically. As announced on Monday (March 24), more than 7,000 Pennsylvanians will receive checks totaling over $1.7 million, according to the Pennsylvania Treasury.
The Money Match program, approved by the General Assembly and signed into law last year, enables the Treasury to automatically return unclaimed property valued up to $500 to rightful owners. The program aims to streamline the process of reclaiming unclaimed property, which includes dormant bank accounts, uncashed checks, and other assets. State Treasurer Stacy Garrity emphasized the importance of the initiative, stating that many recipients were unaware of their unclaimed property.
State Senator Scott Hutchinson highlighted the significance of the program, noting that it revolutionizes how unclaimed property is handled in Pennsylvania. The Treasury currently holds $4.5 billion in unclaimed property, with about one in 10 Pennsylvanians owed some of these funds. The average value of a claim is approximately $1,600.
For more information on the Money Match program and to check for unclaimed property, residents can visit the Pennsylvania Treasury's website.