Pennsylvania Unclaimed Property: How to Find and Claim Your Lost Assets For Free!
Unclaimed property, also known as abandoned property, is any financial asset that has been left inactive or unclaimed by its rightful owner for a certain period of time. These assets can include bank accounts, stocks, bonds, uncashed checks, insurance policies, and more. In the United States, billions of dollars in unclaimed property are waiting to be claimed by their rightful owners.
If you think you may have unclaimed property, there are several ways to find and claim your lost assets. In this article, we’ll cover everything you need to know about unclaimed property, including:
- What is unclaimed property?
- How does property become unclaimed?
- How to search for unclaimed property?
- How to claim your unclaimed property?
- What happens if you don’t claim your unclaimed property?
What is Pennsylvania Unclaimed Property?
Unclaimed property is any financial asset that has been left inactive or unclaimed by its rightful owner for a certain period of time. This can include:
- Bank accounts
- Stocks and bonds
- Uncashed checks
- Insurance policies
- Safe deposit box contents
- Gift certificates and gift cards
- Utility deposits
- Payroll checks
- Royalty payments
- And more
When an account or asset is deemed abandoned, the holder of the asset is required by law to turn it over to the state or jurisdiction where the owner last resided. The state then holds the asset until the rightful owner comes forward to claim it.
How Does Property Become Unclaimed?
Property becomes unclaimed when its owner fails to take action on it for a certain period of time. The length of time required before property becomes unclaimed varies by state and by asset type. For example, bank accounts may become unclaimed after a year of inactivity, while stocks and bonds may become unclaimed after several years of no contact from the owner.
How to Search for Pennsylvania Unclaimed Property?
If you think you may have unclaimed property, the first step is to conduct a search. Here’s how:
- Visit the National Association of Unclaimed Property Administrators (NAUPA) website at unclaimed.org.
- Select your state or jurisdiction from the map or dropdown menu.
- Follow the instructions for conducting a search.
- If your search returns results, follow the instructions for claiming your property.
In addition to the NAUPA website, you can also check with individual state or jurisdiction websites and search for unclaimed property databases.
How to Claim Your Unclaimed Property?
If your search results in unclaimed property, you will need to follow the instructions for claiming it. This may include providing documentation to prove your identity and ownership of the property. Here are some common steps for claiming unclaimed property:
- Provide proof of identity: This may include a driver’s license or other government-issued identification.
- Provide proof of ownership: This may include documentation such as a bank statement or stock certificate.
- Complete and submit the claim form: This may be available online or may need to be requested from the state or jurisdiction.
- Wait for the claim to be processed: This can take several weeks or even months, depending on the complexity of the claim and the workload of the state or jurisdiction.
What Happens If You Don’t Claim Your Unclaimed Property?
If you fail to claim your unclaimed property, it will remain with the state or jurisdiction until you come forward to claim it. In most cases, there is no time limit for claiming unclaimed property, so you can still claim it years or even decades later. However, it’s important to note that unclaimed property may be subject to escheatment.