HARRISBURG, PA — Pennsylvania State Treasurer Stacy Garrity and Senator Timothy Kearney (D-26) have announced the return of more than $80,000 in unclaimed property to three municipalities in Delaware County. The returned funds will benefit Prospect Park Borough, Springfield Township, and Upper Darby Township.
“This is outstanding news. I’m very pleased to return this money so it can be used to benefit the hardworking residents in these municipalities,” said Treasurer Garrity. She commended Sen. Kearney and his team for their partnership in this endeavor, adding that the Treasury works tirelessly to get unclaimed property back not only to private citizens and businesses but also to local governments.
The return of these funds marks a significant windfall for the three municipalities. Prospect Park received $13,567.89, Springfield got $27,609.80, and Upper Darby was given the largest share at $40,134.57. The local officials will decide how to use these funds, which come from various sources including accounts payable checks, credit balances, uncashed checks, and other forms of unclaimed property.
Sen. Kearney expressed his satisfaction with the outcome, stating, “I’m thrilled that three municipalities within my district will have tens of thousands of dollars in unclaimed property returned to them.” He pledged to continue working with the Treasury Department to support constituents in reclaiming what is rightfully theirs.
Since taking office, Treasurer Garrity has returned more than $16.5 million to 75 local government agencies across the state, including counties, municipalities, and school districts. The Pennsylvania Treasury is still holding onto more than $4.5 billion in unclaimed property, and it is estimated that one in ten Pennsylvanians is owed such property. On average, each claim is worth about $1,600.
Unclaimed property refers to assets that have been left dormant for a certain period. This can include forgotten bank accounts, uncashed checks, insurance policies, and contents of safe deposit boxes. State law requires businesses to report unclaimed property to the Treasury after three years of dormancy.
This announcement highlights the importance of residents checking for unclaimed property. It also highlights ongoing efforts by the Pennsylvania Treasury and local officials to ensure these funds are returned to their rightful owners, whether they be private individuals, businesses, or local governments.
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