Treasurer Torsella announces record amount of unclaimed property returned to taxpayers

HARRISBURG, Pa. (WHTM) – Pennsylvania Treasurer Joe Torsella today announced that Treasury returned $227,546,706 in unclaimed property to Pennsylvania taxpayers in the fiscal year 2016-17. That amount represents the largest amount of property the department has returned in its history.

“Today’s announcement is about protecting Pennsylvania consumers, and ensuring we quickly return any unclaimed property that is rightfully theirs,” said Torsella. “I am proud of what the department has been able to achieve through increased efficiencies resulting in a 42 percent increase from Fiscal Year 2015-16, and an all-time record.”

Unclaimed property is any financial asset that has gone unclaimed for a period of time, usually three years. Under Pennsylvania law, businesses are required to report this to Treasury. Each year, Treasury receives millions of dollars in unclaimed property – items such as abandoned bank accounts, forgotten stocks, uncashed checks and contents of safety deposit boxes. The property remains available for claim by the owners or their heirs in perpetuity and Treasury serves as the custodian until it can find and verify its rightful legal owner.

“One in 10 Pennsylvanians have unclaimed property with Treasury,” said Torsella. “Many of these items and funds go missing, often for things as simple as a misspelled name or an out of date address.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 we don’t want to keep it.”

In June, Good Morning America partnered with Treasurer Torsella to present the Children’s Hospital of Philadelphia with a check for $91,505.04.

Claimants may search Treasury’s website for unclaimed property, or Treasury’s Bureau of Unclaimed Property is also available toll-free at 1-800-222-2046, to help conduct a thorough search for unclaimed property.

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