GLENSIDE, Pa. (WLVT) - This holiday season, millions of Pennsylvanians may be able to find a holiday present in the form of some extra money. In fact, one in ten Pennsylvanians is sitting on unclaimed property.
“It’s very easy to find someone who set up a savings account, as an example, maybe 20 years ago, but then that money, after they passed away or they moved out of state, that money has never gone to either next-of-kin or that individual has just forgotten about it,” said 154th district State Rep. Steve McCarter (D).
Unclaimed property comes in many forms: inactive bank accounts, forgotten investments and even lost jewelry or other valuables. Transactions involving personal funds and items sometimes go missing, often for technicalities like a misspelled name or out-of-date address. After an account has been inactive for a certain amount of time—three years for most types of property in Pennsylvania—the holder of the property must turn it over to the state Treasury.
“We try to match individuals up to that money, if you will, across the state,” McCarter said.
Right now, the treasury is holding more than $3.4 billion in unclaimed property. Though you can claim this property at any time, Pennsylvania State Representative Steve McCarter held an Unclaimed Property Search Day last week at his office in Glenside. Constituents were invited in for assistance getting back their unclaimed property.
Before coming in, many were unaware they had unclaimed funds. One Elkins Park man who helps manages a cousin’s medical bills found an account in her name.
“I thought I took pretty good track of my cousin’s property, but it turns out I missed a couple thousand dollars’ worth,” said Kenneth Myers.
Glenside resident Diane Harcum had heard of unclaimed property before.
“But I never followed up on it. I would hear commercials on the radio or the TV: ‘Unclaimed property!’ But this is my first time actually following up on it,” Harcum said.
Harcum found her unclaimed property online. Anyone can search the Treasury’s list of unclaimed properties on its website, where it lists the name of the property owner, the entity currently holding the property, and whether the property is worth less or more than $100. But when she searched her last name, was surprised to find out she was owed some money from her late mother, who died 32 years ago.
“I mean, it’s been so long,” Harcum said. “You’re talking 1986. So yes, very, very surprised.”
If you’re the person listed as the property owner, all you need is a government ID to claim your property. If you’re claiming property for a family member, you may need to fill out some paperwork and provide certain legal documents, which is why it might be helpful to contact your state representative’s office for help through the process.
“I really appreciate the constituent service,” Myers said. “They’re doing a great job for me.”
Last year, the state Treasury returned a total of $254 million to Pennsylvanians.
“We found someone with over $4,000 that they had completely forgotten about,” McCarter said. “That’s a great Christmas present coming in here, holiday present for them. We’ve had others as high as $40,000 that we have found.”
But rather than buying Christmas gifts, many of the constituents picking up money said they had a different use in mind. Myers says he would use his unclaimed funds to continue paying his cousin’s medical bills, while Harcum said she would donate hers to charity in honor of her mother.
“We will give it to our church, part of the tithes for my mother,” Harcum said. “So we’ll make a donation to them.”
Rep. McCarter’s office said they’re always available to help constituents find unclaimed property, a service they said made everyone feel good.
“This year, somewhere over $400,000 we’ve been able to find for constituents,” McCarter said. “That’s a service that we’re happy to do. It makes people happy. Everybody’s always happy when they get money back.”
Remember, it’s your money. You just need to claim it.
