Unclaimed Money Pennsylvania: How to Find Unclaimed Money in Pennsylvania
November 11, 2022
The Commonwealth of Pennsylvania was one of the original 13 colonies founded by William Penn as a haven for Quakers.
In Pennsylvania, unclaimed money refers to funds and financial assets that have been forgotten, abandoned, or uncollected by their rightful owners due to various events.
Some of the reasons why funds are unclaimed include:
* Forgetting to pick up a final check after leaving a job * Not knowing a court decision involving funds was in your favor * Forgetting about a saving account in your name * Failing to clear out your account balance while leaving the state * Forgetting you put a deposit down on utilities * Failing to update your financial information after changing your address and other contact details * Death
The Pennsylvania Disposition of Abandoned and Unclaimed Property Act (DAUPA) is the primary legislation governing the administration of unclaimed property, including unclaimed money in the state.
According to the act, individuals, businesses, and financial institutions, like insurance companies and banks, are mandated to report unclaimed funds after a specific period of inactivity, known as the dormancy period.
Following the report, the Office of State Treasure assumes temporary custody of the unclaimed funds until the rightful owner finds the funds and submits a claim. Last year, the Treasury Department returned over $135 million of unclaimed funds to Pennsylvania residents.
The state currently holds over $4 billion in unclaimed money, amounting to millions of account owners.
Types of Unclaimed Money and their Dormancy Period
There is a specific timeframe in which companies or individuals possessing unclaimed funds can hold on to such money before they are required to turn them over to the state.
This is known as the dormancy or abandonment period. Below are the types of unclaimed money and their respective dormancy period in Pennsylvania:
* Accounts payable: three years * Account receivable/credit balances: three years * Checking accounts: two years * Certificates of deposits: three years * Debts, including government and private bonds: three years * Dividends: three years * Fiduciaries: three years * Escrow accounts: three years * Funds held by local or state courts agencies/courts: two years * Liquidation/dissolution: two years * Gift certificates: three years * Money orders: seven years * Royalties and mineral proceeds: three years * Life insurance: three years * Refunds and rebates: three years * Official bank checks: three years * Contents of safe deposit boxes: three years * Savings accounts: three years * Lay-a-way deposits: three years * Vendor payments: three years * Traveler’s checks: fifteen years * Securities: three years * Wages and commission: two years
How to Find Unclaimed Funds in Pennsylvania:
The state’s treasury department manages unclaimed money in Pennsylvania. The department runs a Bureau of Unclaimed Property Search Index, an online portal that allows interested persons to search for unclaimed money using a company name or the original owner’s full name.
The government agency streamlines this process to enable parties who find their unclaimed funds using the search index to add the results into a cart and claim their funds online. The process is designed like online shopping.
First, the claimant must click the “add” button on the left side next to each item.
Then, the website will instantly generate a “claim cart” that appears on the right side of the screen.
After selecting every unclaimed property connected to your name, click on “claim properties in my cart,” just like the checkout process for online shopping.
Doing this will take you to the page where you will be required to show your relationship with the funds.
In addition, the system will prompt the claimant to provide their contact details, social security number, and personal information to help filter and fast-track their claim.
These details generate a claim for every selected item, and the administrative staff will review each piece of information provided.
The Bureau of Unclaimed Property will then notify the claimant with a list of supporting documents they must upload.
These details include birth certificate, marriage certificate, valid ID like a driver’s license or a U.S passport, etc.
Failure to provide these documents will impact the integrity of your claim. In addition, immediate family members submitting applications on behalf of relatives must provide vital records, while third-party representatives must provide authorization like power of attorney or certified court order.
You can also submit your claim in person at their office using the following address:
Unclaimed Property (Claims), 4th Floor, Riverfront Office Center, 1101 South Front Street, Harrisburg, PA 17104-2516
For further inquiries, contact the unclaimed property department at 1 800 222-2046. You can also find unclaimed funds in Pennsylvania using the following databases:
* HUD refunds finder * The unclaimed bankruptcy funds locator * Treasury Hunt
You can visit any of the platforms discussed above if you are searching for abandoned or unclaimed funds in Pennsylvania. State residents can also find their unclaimed money escheated to other states in the U.S.
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