A new law will let Pennsylvania return up to $500 in unclaimed money straight to residents starting in January 2025. This will help about 70,000 people without them having to apply.
New Law in Pennsylvania Simplifies Recovery of Unclaimed Money for Residents
According to The US Sun, starting in January 2025, Pennsylvania will make it easier for residents to get unclaimed money. Because of a new rule, the state can give people back up to $500 without them having to apply for it. This money could come from old bank accounts or checks that haven’t been spent yet. About 70,000 people should get money from this $4.5 billion fund.
Stacy Garrity, the state treasurer, said the new method will help people who may not know they have money that hasn’t been claimed. People’s names will be checked by the state through letters, and the first payments should begin in February. After that, every three months, the state will send money.
Pennsylvania’s New Law to Directly Return Unclaimed Money to Residents Starting January 2025
The goal of this modification is to make it simpler for individuals to retrieve their money. In the past, the state has returned a variety of objects, and the purpose of this new regulation is to simplify the procedure for everyone involved.