First significant system upgrade in more than 15 years
Harrisburg, PA - Treasurer Stacy Garrity announced today that the Pennsylvania Treasury’s unclaimed property website is back online after a temporary shutdown to implement major system upgrades. The updated website features new tools to make it easier for Pennsylvanians to claim their unclaimed property.
This system upgrade — the first in more than 15 years — improves efficiency for people trying to find their unclaimed property and for the holders – including banks and other businesses – who must report unclaimed property to Treasury.
“One of my top priorities is returning the nearly $4 billion we have in unclaimed property to its rightful owners. These upgrades significantly improve the process by making the system as user-friendly as possible and by getting rid of unnecessary red tape. I encourage every Pennsylvanian to take advantage of these changes and search for unclaimed property that may be owed to them or their family.”
Pennsylvania State Treasurer, Stacy Garrity
The upgrades unveiled today include:
- Online submission of required forms for most types of claims.
- Online authentication of some claims, allowing for real-time approval.
- Shorter processing times for many claims.
- Improved search capabilities.
- An improved checkout system.
- Updated security features and fraud protections.
Holder reporting improvements also unveiled today will help identify errors before reports are submitted, streamlining the process for the institutions and companies that report unclaimed property to Treasury.
The upgrades also lay the groundwork for future improvements, including a direct deposit option for payment.
Treasury currently holds nearly $4 billion in unclaimed property. One in ten Pennsylvanians is owed unclaimed property, and the average claim is worth $2,000. To see if you have property waiting to be claimed with Treasury, and to start the claims process, visit patreasury.gov/unclaimed-property.
Individuals can take some simple steps to prevent their property from ending up at Treasury:
- Keeping financial institutions informed of any address changes.
- Communicating with financial institutions at least once every three years.
- Keeping up-to-date records of financial information including bank accounts, stocks, life insurance policies, safe deposit boxes, etc.
- Letting a family member or trusted advisor know where financial records are kept.
- Depositing or cashing all checks as they are received.