Says most people, businesses and organizations do not know they are owed property; another $5.5 million available for claim in Cambria County
Ebensburg – August 17, 2012 – (RealEstateRama) — State Treasurer Rob McCord returned more than $16,600 in previously unclaimed property to Cambria County officials today on behalf of residents there, saying he hopes other local governments – as well as citizens, businesses and community organizations – search Treasury’s free online database of unclaimed property at www.patreasury.gov to see if they are owed money.
“This money belongs to the citizens of Cambria County, so I am pleased we are able to put it back into their hands today,” said Treasurer McCord during a presentation with local officials at the county courthouse. “I applaud the initiative of leaders here who stepped forward to investigate and to pursue this claim. We hope the news of this reunification reminds other local governments to take a moment and see whether they or the agencies and departments under their jurisdictions are owed unclaimed property, too.”
The $16,659 Treasurer McCord presented to Cambria County officials today was from a combination of treasurers checks, cashiers checks, money orders, claims payment checks, credit balances and accounts payable checks.
“Cambria County Commissioners appreciate State Treasurer Rob McCord’s presence today to deliver this check that will be used to augment the cost of providing essential services and programs to those in need here in Cambria County. We thank Treasurer McCord and his staff for providing more than $16,000 in unclaimed monies to the County. Finally, we wish to recognize Robin Holovka, our Director of Domestic Relations who first recognized that our County was owed unclaimed property while working on State Treasury issues,” Commissioners Lengenfelder, Wissinger and Chernisky said.
Treasurer McCord stressed people and organizations usually do not know they are owed property because “holders,” or entities that hold property owed to others, are not required under state law to contact the owner before remitting it to Treasury. As a result, Treasury each year receives millions of dollars in unclaimed property in the form of abandoned bank accounts, forgotten stocks, uncashed checks, and contents of safe deposit boxes.
Treasury now holds about $1.9 billion in unclaimed property. About $5.5 million of that sum belongs to people and entities in Cambria County. The department estimates people have about a 1 in 10 chance of finding property in their name, and the average claim is worth about $1,200.
“We want Treasury’s Unclaimed Property Program to be a top-of-mind resource for people,” said Treasurer McCord. “We know times are tough for many families. You, a loved one, or a friend may have a refund or check that never made it to the correct address, or a forgotten security deposit that was turned over to the state as unclaimed property. The same goes for local governments, businesses, and community organizations. We want to return this money so it can be put to good use in our economy.”
Since January 2009, the McCord Treasury has collected more than $797 million in unclaimed property, returned more than $360 million to rightful owners, and generated about $436 million for the state’s General Fund. The positive cash flow from the Unclaimed Property Program is a large reason the Pennsylvania Treasury is a profit center for the Commonwealth that pays for itself many times over the cost of its operations.
To search and claim property, visit the department’s free online database at www.patreasury.gov. Citizens may also call 1-800-222-2046, Monday through Friday, 7:30 a.m. to 4:30 p.m. Members of Treasury’s Return Team are available to assist with searches as property may be listed under an incomplete or misspelled name.