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Unclaimed property can include dormant bank accounts, uncashed checks, insurance policies, contents of forgotten safety deposit boxes, and more.
Thousands of dollars in unclaimed property has been given back to the city of Farrell, Pennsylvania in Mercer County.
Unclaimed property can include dormant bank accounts, uncashed checks, insurance policies, contents of forgotten safety deposit boxes, and more. State law requires businesses to report unclaimed property to Treasury after three years of dormancy.
The $32,256.35 returned to the City of Farrell includes 4 individual properties ranging in value from $5 to $29,763.49. The oldest property dates back to 2001, while the most recent is from 2020. Properties returned include funds from two accounts payable checks and two uncashed checks.
City officials will decide how the funds are used.
Pennsylvania Treasurer Stacy Garrity has returned more than $16.5 million to 79 government agencies since taking office. In the last fiscal year, she has returned the most unclaimed property ever in a single year at almost $274 million.
Garrity is also working to return more than $4.5 billion in unclaimed property to its rightful owners. More than one in ten Pennsylvanians is owed unclaimed property, and the average claim is worth about $1,600.
