Pennsylvania Escheat & Unclaimed Property Laws

The deadline for annual reporting and remittance in Pennsylvania is April 15 for all holders of unclaimed property. Pennsylvania will accept reports any time after January 1.

All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Pennsylvania’s unclaimed property laws and regulations. Failure to submit the report by the April 15 deadline may result in interest being charged at a rate of 12% annually by the Pennsylvania Treasury Department.

Holders reporting to Pennsylvania are required to submit their reports electronically for reports that contain 10 or more properties. Written reports may be submitted for reports containing fewer than 10 properties.

Pennsylvania Due Diligence Requirements

Pennsylvania now requires holders to send due diligence notifications for any property with a value of $50 or more. Due diligence letters must be sent each reporting cycle by first class mail, unless the owner has agreed to electronic communications, no more than 120 days and no less than 60 days prior to filing the report. In each due diligence notice, the holder must identify and provide:

• Description of the property
• Description of the property ownership
• The property value (if known)
• Holder contact information

Pennsylvania Dormancy Periods

Most property types in Pennsylvania have a dormancy period of three years. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property. Other dormancy periods in Pennsylvania for common property types include:

• Wages/Payroll, Commissions – Two Years
• Money Orders – Seven Years
• Travelers Checks – 15 Years

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Reporting unclaimed property in Pennsylvania, and other jurisdictions, can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.  

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