PA Treasurer McCord Returns Over $24,500 to Luzerne County from Previously Unclaimed Property
Says most people, businesses and organizations do not know they are owed property; another $18 million available for claim in Luzerne County
Wilkes-Barre – August 13, 2012 – (RealEstateRama) — State Treasurer Rob McCord returned more than $24,500 in previously unclaimed property to Luzerne 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 Luzerne 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 in the county courthouse rotunda. “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 $24,572 Treasurer McCord presented to Luzerne County officials today was from a combination of accounts payable checks, refunds, rebates and uncashed escrow account checks.
“The Home Rule administration’s recovery, with the Treasurer’s assistance, of missing taxpayer dollars is our latest step toward earning the confidence of Luzerne County’s citizens,” said Robert Lawton, Luzerne County manager. “Although Luzerne County will conduct an annual search for such funds, we hope that new financial software and systems will keep the county from ever again being in this position.”
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 $18 million of that sum belongs to people and entities in Luzerne 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.
Media contact:
Michael Smith, 717-787-2991 or
