Garrity led me on a tour of the vault late last year. Those items are stored in an underground vault in Harrisburg. And police departments turn over things they recover from thieves that they can’t return to their rightful owner. The Treasury also receives items that were left behind at colleges and nursing homes. Items from bank safety deposit boxes are sent to the state after there is no activity on the box for a number of years. After a period of time has passed, the money must be turned over to the state. It could be proceeds from a bank account or CD you forgot about, from an insurance payment you didn’t know you had coming, from dormant stocks and bonds or from a credit you had with a merchant or vendor. Unclaimed property comes from a variety of sources. Last year, the state Treasury returned more than $211 million worth of unclaimed property. Other people may look but not bother to file a claim for a small amount.

And to look often, as new property is reported frequently. One of every 10 Pennsylvanians is owed unclaimed property, with the average claim worth about $1,600.Ī lot of people don’t know to look for it, though. The bill has bipartisan support, with four Democrats and nine Republicans signing on as co-sponsors so far. Shared property, such as that of a married couple, would still require a claim to be filed. The process would apply only to unclaimed property held in the name of one person. The state has access to all sorts of data, so it’s just a matter of verifying names, addresses and other identifying information. The bill, which is pending in the Senate Finance Committee, would allow money to be automatically returned “after a thorough identification and verification process,” DiSanto said in a legislative memo. The legislation, Senate Bill 24, was written by state Sen.

At least 14 states already automated their unclaimed property process, according to state Treasurer Stacy Garrity.

The pocket money