Did you know that the vast majority of Pennsylvania businesses and financial institutions must report their holdings of unclaimed property to the state's Unclaimed Property Program, according to state law?
As the administrator of the Unclaimed Property Program, the Pennsylvania Treasury Department has developed a training seminar to help businesses comply with that law.
In addition to money and securities, the Pennsylvania holdings include tangible property such as watches, jewelry, coins, currency, stamps, historical items and other miscellaneous articles.
Each year millions of dollars in dormant or lost accounts go unclaimed. If you know anyone who has ever moved or died, the state may be holding unclaimed cash, lost securities, bonds, refunds, insurance claims, deposits, jewelry or coins. There is no charge to search the state data for anyone's name.
Make sure you check with every state in which you have lived (unclaimed property is generally turned over to the state of your last known address as reflected on the records of the business holding your money, stock, etc.).
Another tip that may be helpful is to try various combinations of your name, try putting you first name last and your last name first. Don't forget that you may have assets in your maiden name.
Keep in mind that if someone calls or writes to you and asks that you pay them money for the successful return of your unclaimed property, you probably have some out there somewhere. The folks who are contacting you are called "heir finders." They are not likely to contact you unless they believe that they have found property belonging to you. Heir finders generally charge a fee to locate and help return unclaimed property to you.
In addition to money and securities, the state's holdings include tangible property such as watches, jewelry, coins, currency, stamps, historical items and other miscellaneous articles. Unclaimed money is deposited into a state school fund, and is used exclusively for public education. There are, however, no statute of limitations. Anyone has the right to claim property, at no cost to them, at any time, regardless of the amount or the length of time lapsed.