January 16, 2012
Locate Pennsylvania Lost Money – Part 1 of 2
(Part 1 of 2)
Philadelphia cheese steaks, chocolates, soft pretzels and TastyKakes aren't the only great things you can find in PA. There's also the Liberty Bell, Christmas trees (Indiana County is the Christmas Tree capital of the world), steel of course, and last but not least… huge piles of cold hard cash. Actually, cash from Pennsylvania unclaimed money to be exact. That's right – around $1 billion in unclaimed property is being held by the PA State Treasurer's Office and it's just waiting to be discovered by the citizens it belongs to.
Owners of PA unclaimed monies are usually residents (or former residents) of the state who have either forgotten about or lost track of their financial assets by changing jobs and addresses. People often forget to leave behind a forwarding address when they relocate which ultimately results in undelivered mail which often contain items like tax refund checks. Escheat laws require lost financial assets be turned over to the control of the state after a certain number of years wherein they go unclaimed.
According to the PA State Treasurer's Office, "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 traveler's checks, money orders, expired gift certificates, uncollected or unpaid salaries and wages, and safe-deposit box contents. In fact, 000 in unpaid salaries and wages 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 Money Law, unpaid payroll checks held by businesses have to be remitted to the State Treasurer's Office every two years and every five years for unclaimed properties like stock shares abandoned by shareholders and uncashed company checks. PA 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."
(to be continued)
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Westonites may check CT Big List for unclaimed money
State Treasurer Denise L. Nappier announced recently the updated CT Big List has the names of more than 49,000 new people and businesses that are owed millions of dollars in unclaimed funds. “Often, people are unaware they have inherited money, or they may simply have forgotten about an old savings account, utility deposit or payroll check,” Ms. Nappier said. “That’s why we strongly encourage …
Deadline looms for $16.5M lottery winner
On Monday, a $77 million lottery ticket went
Spare change left at airport checkpoints
Unclaimed money, typically consisting of loose coins passengers take out of their pockets, is turned into the TSA financial office.
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