Pennsylvania Launches Money Match Program to Return Unclaimed Property

The Pennsylvania Treasury has initiated the Pennsylvania Money Match program, designed to automatically return unclaimed property valued up to $500 to rightful owners. This program, approved unanimously by the General Assembly and signed into law by the Governor in 2024, aims to simplify the process of reclaiming unclaimed assets for residents. State Treasurer Stacy Garrity announced that checks are being mailed to individuals, urging recipients to cash or deposit them promptly.

The Money Match program allows the Treasury to return unclaimed property without requiring individuals to actively search for their assets or file claims. This initiative is part of a broader effort to enhance accessibility to unclaimed property, which can include dormant bank accounts, uncashed checks, forgotten stocks, rebates, and insurance policies. As of the latest announcement, over $50 million has been returned to Pennsylvania residents since the program's inception.

Treasurer Stacy Garrity expressed enthusiasm for the program, stating, “I’m thrilled to continue this program as we work hard to get more money back to its rightful owners.” She also emphasized the importance of individuals regularly searching for unclaimed property online, as not all claims qualify for the Money Match process. The Treasury has also issued warnings about potential scams, advising the public that they do not reach out via unsolicited text messages regarding unclaimed property.

While the program has been generally well-received, some critics have raised concerns about the need for ongoing public awareness regarding unclaimed property. They argue that individuals should remain vigilant and proactive in searching for their assets, as many claims may not be eligible for automatic return under the Money Match program.

There is a distinction in the handling of unclaimed property based on value and ownership. While the Money Match program facilitates automatic returns for properties valued up to $500 and owned by a single individual, unclaimed property exceeding this threshold or with multiple owners still requires a formal claim process. This nuance may lead to confusion among residents regarding their eligibility for the program.

As the Pennsylvania Treasury continues to process and mail checks, residents are encouraged to remain informed about the program and its guidelines. The Treasury plans to monitor the program's effectiveness and may consider adjustments based on feedback and participation rates in future iterations of the initiative.