07 June 2023- Treasurer Stacy Garrity and Sen. John DiSanto (Dauphin) today celebrated the Senate’s passage of Senate Bill 24. The legislation, known as Pennsylvania Money Match, will automate the process of returning unclaimed property to rightful owners.
“We’re safeguarding more than $4 billion in unclaimed property – and I want to get that money back to the hardworking Pennsylvanians that it belongs to. This bill will literally remove red tape, something that’s almost unheard of in government. I hope the House will follow the Senate’s lead and send Money Match to the Governor quickly so we can start getting more money back into the hands of Pennsylvanians. I want to thank Senator DiSanto for his strong leadership on the bill, and the entire Senate for their unanimous support.”
Pennsylvania State Treasurer, Stacy Garrity
“These are funds belonging to the residents of Pennsylvania, not the state, and we are currently holding way too much that should be put back in their hands to use as they see fit, not help inflate the state budget. Unlike some of the things I’ve seen move through the legislature, Pennsylvania Money Match is truly commonsense, makes government work better, and is the right thing to do for everyone with unclaimed property transferred to the Pennsylvania Treasury.”
Senator (R-15), John DiSanto
Pennsylvania Money Match will authorize Treasury to automatically return single-owner properties for living individuals that are valued up to $5,000 after a thorough identification and verification process. At least 14 other states have successfully implemented similar programs.
Pennsylvania Money Match will not affect the claims process for properties valued above $5,000 or those that have multiple owners or other complexities. These claimants will still have to file a claim and provide required supporting documentation.
Senator DiSanto introduced SB 24 in March, and it was voted out of the Senate Finance Committee last month.
One in ten Pennsylvanians is owed some of the $4 billion in unclaimed property being safeguarded by Treasury. The average value of a claim is about $1,600. In 2022, Treasury returned more than $211 million worth of unclaimed property.
Since taking office, Treasurer Garrity has implemented multiple improvements to the unclaimed property program, including:
- Upgrading the system for the first time in more than 15 years;
- Implementing a fast-track process for many claims; and
- Allowing direct deposit payments for many claimants.
To search Treasury’s unclaimed property database, visit patreasury.gov/unclaimed-property.