Pa. is sitting on billions in unclaimed property. This bill would get some of it back to its owners.

[FakeNoose]

Spotlight PA link: https://www.spotlightpa.org/news/2023/05/pa-unclaimed-money-stacy-garrity-treasury-automatic/

HARRISBURG — Pennsylvania’s treasurer wants the state to start sending unclaimed money directly to the people it belongs to, a proactive system that a dozen other states have adopted.

The state is currently sitting on more than $4 billion in misplaced money: the check you forgot to cash; the gift card you never got around to spending; the tax refund that was sent to your old address.

The money is swept into Pennsylvania’s coffers every year, and represents hundreds of millions of dollars that people have lost track of. But it doesn’t belong to the state: Its rightful owners can come and claim it anytime

The current system for reclaiming that money, however, puts the burden squarely on the roughly one in 10 Pennsylvanians whose misplaced dollars the state is holding. To get it back, they must search for their name in a public database, then file a claim. But many likely have no idea there is money waiting for them in the first place.

- more at link -

The only problem I see with "mailing out the checks" is how do they verify the recipient's current address? Even so, it's a step in the right direction.

[bucolic_frolic]

1. Currently all possible heirs must sign-off on the deal if the "owner" is deceased

If you find someone you know on there, you can't cue the state with their current whereabouts. The owner must file a claim. NJ same as far as I recall. NY, at least way back when, had to indemnify NY from liability of other heirs. For former securities possibly buy indemnity insurance.

So yes, states could do a lot more. This escrow in perpetuity is ridiculous.

[Backseat Driver]

2. It often costs more to complete a claim than the amount to be claimed, i.e.,

a very small claim for an old utility security deposit. What's more interesting is getting advertising crap in the mail for someone that's been deceased over a decade or more and never lived at the address to which it was sent--outrageous waste!