Pennsylvania Treasurer Stacy Garrity has proposed legislation that would allow the state to return some of the billions in unclaimed property automatically to its rightful owners, writes Charlotte Keith for The Philadelphia Inquirer.
The state is sitting on over $4 billion in misplaced money. It could be from a check somebody forgot to cash, a tax refund that was sent to a recipient’s wrong address, or a myriad of other reasons.
When left unclaimed, the money is swept into Pennsylvania’s coffers yearly. This leaves people without hundreds of millions of dollars they have lost track of. However, the money does not belong to the state so its owners can claim it at any time.
The current system for reclaiming that money puts the burden on the people who have displaced it, which means that many have no idea there is money waiting for them.
To get around this, Garrity wants to pass legislation that will allow the state to return some of the funds with no action required on the recipient’s part. The bill would mean that thousands more people would receive their money back each year.
Read more about the legislation in The Philadelphia Inquirer.
Pennsylvania residents may be owed money from billions in unclaimed funds.