Property is considered unclaimed when the owner of the account leaves their money/property dormant for a certain number of years. That money is now being withheld by the Pennsylvania Treasury, but that does not mean you can’t get it back. The State is constantly receiving lost/unclaimed money or other assets and I am just trying to help them find the rightful owners. 

The most common types of unclaimed property are savings or checking accounts, stocks, dividends, checks that have not been cashed, certificates of deposit, unclaimed insurance benefits, unused gift certificates, and items abandoned in safe deposit boxes or held in police department stolen property files. By law, holders must transfer abandoned property to the Treasury Department.

• Claim and Affidavit & Indemnification agreement forms must be signed and notarized • Proof of the Employer Identification Number (EIN) must be provided • A letter must be provided authorizing the claimant to claim the above-mentioned property on behalf of the company he or she represents • If there are partners involved, it is not necessary that all partners sign the papers; one partner can authorize the other(s) to claim the property • If the business is closed, a certified copy of dissolution documents from the Department of Revenue must be included. The original or certified copy of the Distribution of Assets must also be included • If the business is closed has been sold or has merged with another business, please provide supporting documentation, such as dissolution papers, a sales agreement, or merger documents • If the business is bankrupt, the original or certified copy of the bankruptcy discharge papers must be included.

This varies depending on the department that is holding your money. Some claims can be paid in as little as two weeks, others average 90 days or more. It all depends on the type of claim and what, if any, additional documentation the department requires. That is why it is very important to make sure you supply everything that is requested by the department holding the money. Missing documentation delays processing time. This can get you to move back to the "bottom of the pile". Synergy helps with this by making sure you have everything you need to get the initial claim moving forward quickly. Any additional documentation requested would be part of the process and keep the claim moving forward.

If the owner of the property is deceased, unclaimed property claims can be paid to the owner’s estate. If no estate exists and the property is valued over $11,000, someone must be appointed by the court to be the personal representative of the estate. If the unclaimed property is valued under $11,000, it has been at least five (5) years since a personal representative to the estate was appointed, and the owner died as a resident of Pennsylvania, the property may be paid to the surviving spouse, child, parent, or sibling (preference given in that order). The claimant will be asked to complete, and in this case sign, an affidavit attesting to their relationship to the owner.

Proof of ownership is usually established by address or Social Security verification or, in some instances, presentation of the original property. In most cases, the claimant will be asked to prove the “reported address.” Some examples of acceptable proof include; an old envelope, school record (yearbook, report card, etc.), church record, old utility bill, a mailing label from a magazine, or any other document confirming the reported address. If the claimant is having a difficult time, please contact me for assistance 

The payment of unclaimed property may be considered a taxable event. Constituents should be advised to check with their tax professionals.