Westmoreland Review

A new law in Pennsylvania is making it easier for residents to reclaim unclaimed property. The Pennsylvania Treasury’s Bureau of Unclaimed Property has a significant amount of money owed to Pennsylvanians, with more than $4.5 billion held in unclaimed property. This includes inactive bank accounts, uncashed checks, forgotten stocks and bonds, insurance policies, and abandoned safe deposit boxes.

Act 81 of 2024, a bipartisan initiative, allows the Treasury to automatically return certain unclaimed properties to their rightful owners. Treasurer Stacy Garrity announced that over 8,000 Pennsylvanians will receive notifications about automatic returns under this new law. The PA Money Match program targets properties valued at $500 or less belonging to a single owner.

"Because of the new law that aims to eliminate red tape," said Treasurer Garrity, "more than 8,000 Pennsylvanians will receive letters indicating that unclaimed property will be automatically returned to them."

Despite these changes, individuals are still encouraged to check the PA Treasury's website regularly for any property they might own. The PA Money Match does not cover properties valued above $500 or those with multiple owners.

In other news related to financial planning and education: February is Financial Aid Awareness Month. The Pennsylvania Higher Education Assistance Agency (PHEAA) is offering webinars on financial aid understanding and credit improvement.

Additionally, the REAL ID Act enforcement deadline is approaching on May 7. A REAL ID Assistance Clinic will be held on March 12 at the Murrysville Community Center.

The Pennsylvania House Legislative Fellowship Program is also accepting applications for its summer semester until March 1. The program offers students opportunities within House standing committees or leadership offices in Harrisburg.

For further details on these topics and how to participate in various programs or initiatives mentioned, visit respective websites or contact local offices as provided.