Treasurer Garrity Commends Improvements in Unclaimed Property Program

Treasurer Stacy Garrity commended the General Assembly for the passage of House Bill 1176 which improves the state’s unclaimed property program. The program is administered by the Pennsylvania Treasury Department (Treasury).

HB 1176, sponsored by Rep. Joe Ciresi (D-146), allows eligible heirs to submit a notarized affidavit for claiming property valued at up to $20,000. The previous limitation was $11,000. This change will simplify the process for many claimants, making the return of unclaimed property easier, less cumbersome and less expensive.

“HB 1176, which I advocated for, allows us to further streamline the unclaimed property program, eliminating red tape that has long prevented Pennsylvanians from easily claiming what is rightfully theirs,” said Treasurer Garrity. “I’m pleased by the tremendous bipartisan support for this measure, which will simplify the unclaimed property process – the bottom line is that Pennsylvanians shouldn’t have to jump through hoops to get property that rightfully belongs to them.”

The new legislation also increases the limit that can be paid to living heirs from a financial institution without the need for probate from $10,000 to $20,000.

The final change included in HB 1176 allows for the estate of those who die without a will and no living heirs to be passed to a local municipality, school or community foundation in their final county of residence. Prior to this change, these assets would pass to the Commonwealth of Pennsylvania.

Treasury is working to return more than $5 billion in unclaimed property to its rightful owners. More than one in 10 Pennsylvanians are owed unclaimed property, and the average claim is worth more than $1,000. Since taking office, Treasurer Garrity has returned more than $1 billion.

Unclaimed property includes things like dormant bank accounts, uncashed checks, forgotten stocks, insurance policies and much more. State law requires businesses to report unclaimed property to Treasury after three years of dormancy.

Unclaimed property can also include tangible items, such as jewelry or other valuables stored in abandoned safe deposit boxes. Tangible property may be auctioned by Treasury after three years of searching for a rightful owner. All auction proceeds are available in perpetuity for a rightful owner to claim.

To search for unclaimed property, visit patreasury.gov/unclaimed-property.