PENNSYLVANIA (WHTM) — On Wednesday, Pennsylvania Treasurer Stacy Garrity announced that unclaimed property claims can now be paid by direct deposit, making it easier for Pennsylvanians to retrieve their property.
The Treasury rolled out the new direct deposit feature last week. Before that option, all unclaimed property claims were paid by check, the Treasury said.
“This upgrade will make it easier and faster than ever before for unclaimed property to get back where it belongs – into the hands of hardworking Pennsylvanians,” Garrity said. “Having the ability to return funds with direct deposit makes our system far more convenient for users – and it will save money as well.”
People can check for unclaimed property here on the Treasury’s website.
“I hope the fact that they can get their money more quickly and conveniently will encourage more Pennsylvanians to search for unclaimed property,” Garrity added.
The direct deposit option is available for claims of any dollar value filed by an individual or business owner with a U.S. address and U.S. bank account, the Treasury explained. People must file a claim online and create an account to receive funds through direct deposit.
Direct deposits typically arrive in seven to 10 business days after a claim is processed in the Treasury’s system, and it eliminates delays from mail delivery including lost and returned checks, the Treasury said.
The Treasury said it uses Account Validation Services to analyze payments before funds are released to a bank account to confirm a recipient’s relationship with the receiving bank account.
Unclaimed property payments may still need to be issued as paper checks if the Treasury determines a direct deposit cannot be made, the Treasury said. Additionally, direct deposit is not available for claims filed by finders or for people requesting international payments.
Under state law, unclaimed property like dormant bank accounts, uncashed checks, forgotten stocks and bonds, insurance policies, and contents of abandoned safe deposit boxes is turned over to the Treasury after three years of dormancy.
According to the Treasury, about 1 in 10 Pennsylvanians is owed unclaimed property, of which there is more than $4 billion being safeguarded by the Treasury. The Treasury says the average value of a claim is $1,500.