Garrity, who is running for governor, encourages PA residents to take steps to ensure their property does not end up in a treasury vault as unclaimed goods.
HARRISBURG, Pa. — Pennsylvania Treasurer Stacy Garrity on Friday encouraged Pennsylvanians to prioritize their financial health when planning their New Year’s resolutions and take the necessary steps to hold onto what belongs to them rather than having it end up in the Treasury vault as unclaimed property.
“Returning unclaimed property is one of my top priorities, but it’s important for Pennsylvanians to take steps to make sure their money and property doesn’t come to the state in the first place,” Garrity said in press release. “This is the perfect time to pause and take a look over your finances to make sure you’ve taken the necessary actions to help you and your family stay organized and prosper in the New Year.”
Garrity, a Republican, is running for governor against incumbent Democrat Josh Shapiro.
The treasurer said Pennsylvanians can take the following steps to prevent their properties from becoming unclaimed:
- Inform financial institutions of any address changes.
- Communicate with financial institutions at least once every three years.
- Keep up-to-date records of bank accounts, stocks, insurance policies, safe deposit boxes and all other financial information.
- Tell a family member or trusted advisor where you keep your financial records.
- Cash valid checks when you receive them.
According to Garrity, the Pennsylvania Treasury Department administers the state’s unclaimed property program which works to return more than $5 billion to rightful owners.
Unclaimed property includes things like dormant bank accounts, uncashed checks, insurance policies, contents of forgotten safe deposit boxes like jewelry, coins, military decorations and more. It can belong to individuals, nonprofits, businesses and local government entities.
State law requires businesses to report unclaimed property to Treasury after three years of dormancy.
More than one in 10 Pennsylvanians are owed unclaimed property, and the average claim is worth more than $1,000. Treasury keeps tangible property for about three years before it is auctioned. Auction proceeds are kept in perpetuity for owners to claim. Military decorations and memorabilia are never auctioned.
Since taking office in 2021, Garrity said her office has returned more than $1 billion in unclaimed property, including $50 million automatically through the new Pennsylvania Money Match program. She said she has also returned 533 military decorations, including 13 Purple Hearts, three Bronze Stars and one Gold Star Mothers and Widows Pilgrimage Medal.
To search for unclaimed property, visit patreasury.gov/unclaimed-property.