"Money Match" checks are in the mail to Pennsylvania residents. What to know about the unclaimed property program.
For the first time ever, the Pennsylvania Treasury Department is returning unclaimed property automatically, thanks to a new law.
"The first Pennsylvania Money Match checks are officially in the mail and they're on their way to their rightful owners, how great is that!" Pennsylvania Treasurer Stacy Garrity said Monday.
Pennsylvania Money Match checks totaling more than $1.7 million were mailed out this week to nearly 7,400 people. Garrity said these checks are real and if you receive one in your mailbox, the money belongs to you.
"The best news is there's a lot more to come," Garrity said.
What are Money Match checks?
The new Money Match program allows the state treasury to automatically return certain unclaimed property.
"That means no searching, no forms to fill out, and no documents to provide. Automatic returns through Money Match apply to unclaimed property that is owned by a single individual and worth up to $500. Other properties still require search and filing a claim, for now!" Garrity said.
"I was completely unaware that I had unclaimed property until I received a letter back in January from the Pennsylvania Treasury stating that I would be receiving a check for nearly $500," said Nina Hard, a Pennsylvania Money Match check recipient.
Pennsylvania unclaimed property
More than $4.5 billion in unclaimed property is being safeguarded in the Treasury's vault. It could be old bank accounts, uncashed checks, rebates, or even the contents of abandoned safe deposit boxes.
Garrity said Money Match checks will be sent quarterly. She said the next batch of letters will go out to 40,000 people in May with checks to follow by mid-June.
"It's a simple, efficient, and effective way to get money back into the hands of the people who own it and deserve it," said Senator Scott Hutchinson (R-21).
"Less red tape, less paperwork, and more money in your pocket... after all money should be going to the people who earned it," said Representative Ryan Bizzarro (D-3).
Garrity said people should continue to search for unclaimed property on the treasury's website because claims still need to be filed for properties valued above $500 or those that have multiple owners.
There are at least two bills being proposed by lawmakers, including one that's sponsored by Bizzarro that would increase the amount that can be returned automatically to thousands of dollars.
