HARRISBURG, PA — More than 7,000 Pennsylvanians will soon receive checks totaling over $1.7 million as part of the state’s newly launched Pennsylvania Money Match program. The initiative, spearheaded by Treasurer Stacy Garrity, aims to streamline the process of returning unclaimed property to its rightful owners by automatically issuing payments to qualified recipients.
Unveiled during a joint press conference with Senator Scott E. Hutchinson (R-21) and Representative Ryan Bizzarro (D-3), Treasurer Garrity described the program as a groundbreaking step in serving Pennsylvanians. “We want to get the word out about this program, and let people know that these checks will be arriving,” Garrity said. “This is real money, and it belongs to [the people].”
The first round of payments, dispersed this week, includes 7,380 checks to individuals who had verified records of unclaimed property valued at $500 or less. This marks the initial phase of the Pennsylvania Money Match program, which will process similar distributions on a quarterly basis. The next batch, scheduled for May, will escalate efforts with 40,000 additional notices sent to potential recipients.
Legislative Foundation for Positive Change
The Pennsylvania Money Match program stems from a bipartisan effort to modernize how unclaimed property is returned to residents. Passed unanimously in 2024, Senate Bill 24, introduced by former Senator John DiSanto, became Act 81 of 2024, authorizing this automatic payment process. Companion legislation, House Bill 2092, proposed by Representative Bizzarro, also gained full legislative support, highlighting the cross-aisle commitment to reducing government barriers.
Senator Hutchinson, who collaborated on this initiative, praised its efficiency and forward-thinking approach. “Virtually every Pennsylvanian either has unclaimed property sitting at Treasury or knows someone who does,” he said. “This innovative program has revolutionized how we handle unclaimed property in Pennsylvania.”
Streamlining the Process for Residents
Pennsylvania Money Match utilizes an advanced identification and verification system to connect unclaimed property with rightful owners without requiring individuals to file claims for simpler cases. The program applies exclusively to single-owner properties valued at $500 or less, ensuring swift and accurate payouts. For more complex cases, such as those involving multiple owners or higher-value claims, individuals must still file through traditional channels.
Unclaimed property in the state encompasses a wide variety of assets, including dormant bank accounts, uncashed checks, forgotten stocks, and abandoned safe deposit box contents. By law, businesses are required to report unclaimed property to the state after three years of dormancy. Pennsylvania Treasury currently safeguards $4.5 billion in unclaimed property.
Impact on the Community
Representative Bizzarro emphasized the program’s practical benefits to citizens. “Money Match is a great example of government working for you so you don’t have to jump through hoops to claim what’s rightfully yours,” he noted.
The average value of a claim in Pennsylvania is approximately $1,600, and more than one in ten residents is owed unclaimed property. For recipients like Nina Hard, one of the recent Money Match check beneficiaries, the program delivers tangible relief without the burden of navigating bureaucratic processes.
Looking Ahead
Treasurer Garrity expressed optimism about the program’s future and its role in reducing the administrative complexity traditionally associated with claiming unclaimed property. While Pennsylvania joins at least 14 other states in implementing automated return systems, it does so with a strong foundation of bipartisan legislative backing and tailored operational efficiency.
With the initial rollout of checks now underway, Money Match is positioned to redistribute millions more in unclaimed funds throughout 2024 and beyond, with continued quarterly distributions ensuring that Pennsylvanians are reunited with their assets as swiftly as possible.
This program serves as both a beacon of government innovation and a reminder of the substantial impact such efficiencies can have on the lives of everyday residents.
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