THOUSANDS of Americans could be in for a pleasant surprise when they check their mailboxes this month.
Over 40,000 “Money Match” letters are being mailed out as part of a program aimed at returning unclaimed money to US citizens.
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Some will automatically get $500 while others could get even more.
The Money Match program in Pennsylvania is being led by the State treasury with recipients of up to $500 able to get the free cash without even having to apply.
State Treasurer Stacy Garrity announced the initiative on Wednesday, confirming that letters will begin hitting mailboxes in Philadelphia and across Pennsylvania this week.
For those that receive one, it means the treasury has identified unclaimed property in their name.
This also means that a check will be following shortly.
“If you receive a Money Match letter, read it and keep it,” Garrity advised.
She then shared, “About 45 days later, your unclaimed property will arrive in the form of a check from the Pennsylvania Treasury Department; don’t miss it.”
This means residents who receive letters on or around May 8 can expect their checks to arrive by June 22.
This marks the second round of payouts since the program launched.
In the first one, approximately 8,000 residents received nearly $2 million collectively.
What is Money Match?
The goal of Money Match is to simplify the process of claiming forgotten funds.
This automatically returns money valued up to $500 to rightful owners after first verifying their identity, eliminating the need for people to search and have to apply on their own.
The program was made possible after Senate Bill 24 passed unanimously last year.
This aims at modernizing how the state handles unclaimed property.
While Money Match covers claims up to $500 with a single owner, residents with higher-value property or shared ownership will still need to file a formal claim through the Treasury’s website.
So it is possible to get more cash, but you will have to take action yourself in order to get it.
“I saw other states doing this and thought, ‘Why aren’t we?’” Garrity said in an interview with CBS News affiliate KYW-TV.
The state treasury currently holds over $5 billion in unclaimed property, with the average claim worth more than $1,000.
Unclaimed property can include un-cashed checks, lost stocks, dormant bank accounts, insurance benefits, and more.
If you’re in Pennsylvania, be sure to check your mailbox, as a check could be on its way next.
And Garrity said that this will not be the last round of letters to be sent out as the treasury seeks to keep returning unclaimed property to its rightful owners.
Meanwhile, customers of one bank who open up a new account this money could get an automatic payment of up to $300 for free.
Cash bonuses worth less are also available for customers who have different banking needs.
Plus, Chase Bank is also offering $900 to Americans if they follow certain steps by July 16.