(Part 2 of 2)

According to the PA State Treasury, "Each year, Treasury receives millions of dollars in unclaimed property from abandoned bank accounts, forgotten stocks, checks that have not been cashed, certificates of deposit, life insurance policies, safe deposit boxes, and other sources. Treasury maintains custody of this unclaimed property, holding assets indefinitely, until it is returned to its rightful owners." Forgotten funds can also come from money orders, safe-deposit box contents, expired gift certificates, uncollected or unpaid salaries and wages, and traveler's checks. In fact, $157,290 in unpaid wages and salaries were reported to have been owed by the Heinz company recently and the company allegedly failed to report this to the State. Under the PA Unclaimed Property Law, unpaid payroll checks held by businesses have to be remitted to the State Treasury every 2 years and every five years for unclaimed assets like stock shares abandoned by shareholders and uncashed company checks. PA State Treasurer Robert Casey stated recently, "By law, all businesses, financial institutions and legal entities must report and return all unclaimed property to the Commonwealth."

The PA Unclaimed Property Div. and the Treasurer attempts to notify the rightful owners of unclaimed property in PA state-run unclaimed money databases, advertising campaigns, and through letters. "Annual advertising and letter campaigns are just some of the methods Treasury employs to seek the owners of over $1 billion in unclaimed property. Treasury sends representatives to statewide public events year-round, including malls, consumer expos and fairs. Treasury also works with members of the General Assembly in helping determine if their constituents have unclaimed property", According to a statement from the Treasury of PA.

Considering the enormous size of the PA unclaimed property pile though, it's obvious that the state's efforts are not adequate for the large number (tens of thousands) of residents owed unclaimed monies each year. If you believe you or anyone you know might have unclaimed property in PA or other states, now would be the best time to get some forgotten money back in your pockets. Perform an unclaimed property search now!

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