Piles of hard cold cash lays dormant within Pennsylvania Treasury Bureau of Unclaimed Property. Around $1 billion or more is stored within the government’s coffers for safekeeping.
The Pennsylvania Treasury Bureau of Unclaimed Property said that “Each year, the Treasury receives millions from forgotten stocks, safe deposit boxes, certificates of deposit, uncashed checks, expired gift checks, safety deposit boxes, money orders, traveler’s checks, uncollected salaries, and abandoned bank accounts.”
State Treasurer Robert Casey said in a statement, “By law, all businesses, financial institutions and legal entities must report and return all unclaimed property to the Commonwealth.” Pennsylvania’s state laws dictate that any unclaimed property must be returned to its rightful owner through exerted means by the government. Lost financial assets should be returned within a specified period of time, usually three years, upon a rightful claim. Until then, the Pennsylvania Treasury Bureau of Unclaimed Property holds it in trust for the time being.
Owners of these unclaimed properties are either residents or former residents of Pennsylvania who have forgotten about these financial instruments that is legally theirs. Sometimes people tend to forget to leave a forwarding address when they change their jobs. This results to undelivered checks and money orders. Unpaid payroll checks, under Pennsylvania’s state law on unclaimed property must be turned over to the State Treasurer’s Office every two years and five years as the case may be.
Pennsylvania Treasury Bureau of Unclaimed Property tries to notify owners of these unclaimed properties. Notifications are done either by mail or publication in a newspaper of general circulation. The state also tries to reach the rightful owners by means of sate run databases, and internet. For those who might think that they have a legal claim, they can search the internet for information regarding unclaimed property or pay a personal visit to Pennsylvania Treasury Bureau of Unclaimed Property.
Make sure that you have all the requirements before making a claim. Take note that the Pennsylvania Treasury Bureau of Unclaimed Property sends its officials in a state wide event to spread the good news and even works with the members of the General assembly to resolve the problem. There is a lot of cash out there, and all you have to do is get your hands on some. Be vigilant, and exercise your rightful right to property.