PA Treasurer McCord Returns Over $49,000 in Unclaimed Property to Montgomery County to Support Vital Services, Reduce the Cost of Government
Encourages businesses, organizations and municipalities to search for unclaimed property at patreasury.gov
Norristown, June 20, 2012 – Local officials across the Commonwealth, faced with a greater demand for services as state funding declines, should check to see if their governments may be owed unclaimed property, Pennsylvania Treasurer Rob McCord reminded municipal leaders today as he returned more than $49,000 to Montgomery County.
“Local governments across Pennsylvania support personnel who keep our communities safe, help to educate our children, and provide for our most vulnerable residents through critical human services,” Treasurer McCord said. “They need financial resources to support that crucial work – especially at a time when traditional avenues of funding continue to decrease. The money we are returning today belongs to the county and its residents, and it will be put to good use to support those types of public services.”
In total, Treasurer McCord presented Montgomery County officials with $49,401 today. Of that sum, nearly $8,000 is owed to the county Sheriff’s Office and more than $5,500 is owed to the Domestic Relations Office. The property was from a combination of accounts payable checks, refunds, rebates and uncashed escrow account checks. For perspective, Treasurer McCord said the amount returned is equal to the annual salary of a domestic relations counselor.
“This money belongs to the citizens of Montgomery County, so it’s only right that we put it back into their hands today,” said Treasurer McCord. “Thanks to the initiative of Montgomery County Treasurer Jason Salus to pursue this claim and the leadership of Commissioners Josh Shapiro, Leslie Richards and Bruce Castor, these funds will be used to keep children safe and provide support to families facing challenges.”
“In these challenging economic times, every dollar helps support our vital county programs and services,” Montgomery County Treasurer Jason Salus said. “Treasurer McCord’s office made searching for and claiming our unclaimed property an easy experience, and I encourage Montgomery County residents and other local governments to find out if they have any property waiting for them at www.patreasury.gov.”
Each year, Treasury receives millions of dollars in unclaimed property – money from items such as abandoned bank accounts, forgotten stocks, uncashed checks, and contents of safe deposit boxes.
Treasurer McCord said people and organizations owed unclaimed property often do not realize the property has become dormant because holders are not required under state law to contact the owner before remitting it to Treasury. He went on to say that checks often get mailed to old or incorrect addresses or the funds never make it to the intended recipient for a variety of reasons.
“Under Pennsylvania’s unclaimed property law, businesses, financial institutions, and other organizations regularly turn over unclaimed property to Treasury,” Treasurer McCord said. “It’s a common misconception that only individuals have unclaimed property. We actually have a great deal that is owed to municipalities, schools, child care centers, fire departments and other businesses and organizations. So regardless of who you are, it’s important to check our free online database to see if there’s property owed to you – or to an organization or friend!”
In total, Treasury now holds approximately $77 million of unclaimed property that is available for claim by residents, businesses, and organizations in Montgomery County – part of the $1.9 billion in total unclaimed property Treasury currently holds.
To search and claim property, Treasurer McCord encouraged citizens to search for free under their name or the names of their family members, friends, businesses, or employers 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.
Since January 2009, the McCord Treasury has returned more than $345 million to rightful owners and generated about $425 million for the state’s General Fund through the Unclaimed Property Program.
Media contact: Elizabeth Foose, 717-787-2991 or news@patreasury.gov
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