Is Your Business Missing Out? Check for Unclaimed Property in Pennsylvania
Despite your diligence, sometimes payments due to your business don’t get to you. A vendor mails a refund to the incorrect address (data entry error); maybe your mailing address changed and payments were sent to your old address; you didn’t extend the mail forwarding order; the Post Office messed up. There are a lot of reasons why payments don’t get to you. Not all of those payments disappear into thin air. There’s still a chance you can collect on them.
When a vendor has a payment owed to you that they can’t deliver, they send it to the Bureau of Unclaimed Property, a division of the Pennsylvania Treasury. The state estimates that 1 in 10 Pennsylvanians – including Pennsylvania businesses - have unclaimed property, with the average claim being about $1,600. It's time to find out if you are one of them!
What is Unclaimed Property?
Unclaimed property refers to tangible items or financial accounts that have not had any activity or contact for an extended period. This can include:
Contents of safety deposit boxes
Checking or savings accounts
Stocks
Insurance payments or refunds
Certificates of deposit
Utility security deposits
Other financial accounts
When these items go unclaimed, they are turned over to the Pennsylvania Treasury, which currently holds more than $4.5 billion in unclaimed property.
Stacy Garrity, the State Treasurer, emphasizes the significance of claiming unclaimed property:
"Treasury receives hundreds of millions of dollars in unclaimed property every year, often because of something as simple as a misspelled name or an out-of-date address. But let’s be clear: this is YOUR money we’re talking about, and I want to return it to you."
For the first time ever, the Pennsylvania Treasury Department returned more than $500 million over two consecutive years, highlighting the importance of reclaiming your assets.
How to Check for Unclaimed Property
The process of checking for unclaimed property is simple and quick. You can visit patreasury.gov/unclaimed-property to search for any unclaimed assets under your name or your business's name.
To file a claim, you must create an account online. Claimants can upload documents directly and monitor the status of their claims. Typically, direct deposits will arrive 7 to 10 business days after a claim is fully processed in Treasury's system. Anyone can claim unclaimed funds by submitting a claim form along with proof of ownership. The website provides a step-by-step guide, and the requirements will vary depending on what you are claiming and its value.
By taking a few moments to check, you could potentially uncover hidden resources that can benefit your business. Whether it’s cash from an old account or valuable items from a safety deposit box, reclaiming your unclaimed property can provide a significant financial boost.
New Changes Starting in 2025
Starting in 2025, Pennsylvania will implement a new process for returning unclaimed funds. Amounts under $500 will be returned directly to the people they belong to, eliminating the need for them to file a claim with the state Treasury first. This change will make it even easier for individuals and businesses to receive their unclaimed property.
Take Action Today!
Don’t let unclaimed property slip through your fingers. Make it a priority to check if you or your business has unclaimed assets waiting to be claimed. The process is straightforward, and it’s worth your time to ensure that you are not leaving any money on the table.
If you have any questions or need assistance navigating the process, feel free to reach out to our team at Fiffik Law Group. We are here to help you with your legal needs and ensure that your business thrives.
Start your search today at patreasury.gov/unclaimed-property and take the first step toward reclaiming what is rightfully yours!