State treasurer delivers unclaimed $ to Reading assn
Millions of dollars in unclaimed property funds are available to be claimed by Berks County residents. One group has already cashed in on the opportunity.
Does the sound of state government returning your money sound too good to be true? According to State Treasurer Rob McCord, it's not.
"Their tends to be unclaimed property that people don't even know they left behind," said McCord.
McCord stated on Friday that many people do not realize they are owed money because state law does not require people to report it. As a result, McCord said, the treasury has $1.9 billion dollars in unclaimed property. The unclaimed property could be anything from abandoned bank accounts, uncashed checks, forgotten sticks, among others. More than $20 million dollars of unclaimed property needs to be returned to Berks County alone, said McCord. There is no deadline to collect.
"We've dramatically improved the ease of which this property can be reclaimed and the speed in which it's returned," said McCord.
David Silcox, secretary of the Volunteer Firemen's Relief Association of Reading, stated that a CD containing over $73,000 dollars, that belonged to them was misplaced seven years ago by previous board members. After five years of not being claimed, it went to the state's treasurer's office.
"It's good to know its come back," said Silcox.
Silcox stated that VFRA has many uses for these funds. On use of those funds, Silcox said, will go towards new turn-out equipment for volunteer fire fighters in the city. McCord stated that there is an easy way for residents to find out if they have unclaimed property by visiting www.patreasury.gov
"People now search not just in their own names...but in the names of their friends, their family, the organizations they work with," said McCord.
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