This page addresses key areas of interest regarding Pennsylvania unclaimed property and escheatment laws and regulations.
Key Pennsylvania Unclaimed Property Reporting Deadlines
The deadline for annual reporting and remittance in Pennsylvania is April 15th for all holders of unclaimed property. Pennsylvania will accept reports any time after January 1st.
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 15th 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 – 2 Years
- Money Orders – 7 Years
- Travelers Checks – 15 Years
- All other property types (excluding gift cards/certificates) – 3 Years
Pennsylvania Unclaimed Property Links
Pennsylvania Unclaimed Property Reporting Website
Pennsylvania Unclaimed Property Reporting Website for Holders
Pennsylvania Unclaimed Property Reporting Handbook
Pennsylvania Unclaimed Property Reporting FAQs
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Key Unclaimed Property Reporting FAQs
The Pennsylvania unclaimed property reporting process can be challenging for holders. Does your organization have questions about state unclaimed property laws and requirements? Click on the link below for frequently asked questions regarding unclaimed property reporting and compliance.
Confused or Overwhelmed? Need Answers?
Reporting unclaimed property in Pennsylvania, and 55 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.
Contact Keane for assistance in guiding your organization on the path to unclaimed property compliance, or visit our resource library for additional educational and operational resources.