The state of Pennsylvania is returning unclaimed money to its rightful owners through a program called Money Match. This initiative, led by the Pennsylvania Treasury, is mailing out over 40,000 letters to residents, informing them that they have unclaimed property waiting to be returned. Some lucky individuals will receive $500, while others might get even more. This process is designed to make it easier for people to claim forgotten funds without any effort on their part.
What is the Money Match Program?
Money Match is a simple and efficient program aimed at helping residents claim unclaimed property. If the Treasury identifies that you have unclaimed property in your name, they will send you a letter notifying you. In many cases, you can receive up to $500 without needing to apply for it. The goal is to return unclaimed funds to their rightful owners automatically, eliminating the need for individuals to search for and apply for the money themselves.
How Does the Money Match Program Work?
Once you receive a Money Match letter, it means the state has identified unclaimed property under your name. The next step is easy: all you have to do is read the letter and keep it safe. A check will be sent to you within about 45 days, meaning that if you received your letter around May 8, your check should arrive by June 22. The check will come directly from the Pennsylvania Treasury Department.
What is the Impact of Money Match?
In the first round of the program, about 8,000 Pennsylvania residents collectively received nearly $2 million. This shows how successful the initiative has been in returning forgotten funds to the people who deserve them. The program aims to keep things simple and help as many people as possible without requiring them to search for their unclaimed property. The state treasury holds over $5 billion in unclaimed property, with the average claim being worth more than $1,000.
Unclaimed Property in Pennsylvania
Unclaimed property can take many forms. It could include things like uncashed checks, stocks, insurance benefits, or dormant bank accounts. If you live in Pennsylvania, there’s a good chance that you might have some unclaimed property waiting for you. If the money you are entitled to exceeds $500 or if you share ownership with someone else, you’ll need to file a formal claim through the Treasury’s website.
What Else is Happening in Pennsylvania?
This isn’t the only way people in Pennsylvania can get some extra cash. Customers opening new bank accounts at a certain bank may receive up to $300 in automatic payments. Additionally, Chase Bank is offering $900 to Americans who meet certain conditions by July 16.
The Money Match program in Pennsylvania is a great way for residents to receive unclaimed funds without having to go through a complicated application process. With over $5 billion in unclaimed property, there is a chance that you might have money waiting for you. If you receive a Money Match letter, be sure to keep it and wait for your check to arrive. This initiative makes it easier for people to claim their forgotten property, and it is clear that the program is already helping many people across the state.