How to find out if you have unclaimed property

The Commonwealth of Pennsylvania currently holds more than $2.1 billion in unclaimed property in its possession.

I'd like to see those assets returned to their rightful owners, and, perhaps, one of those owners is you.

Last year, $111 million in unclaimed property was returned, according to the Pennsylvania Treasury Department, which administers the program.

Unclaimed property is defined as any financial asset left with a "holder," such as a bank, insurance company, public entity or other business, which is legally obligated to transfer it to the Treasury if there has been no activity or contact by the owner for at least five years. The property remains available to be claimed by the owners or their heirs in perpetuity.

Since 2012, my office has assisted area residents in recovering more than $575,000 in assets that belonged to them.

The most common types of unclaimed property are dormant bank accounts, stocks and dividends, certificates of deposit, uncashed payroll checks, uncollected utility deposits, unclaimed life insurance benefits, unredeemed gift certificates and items abandoned in safe deposit boxes or held in police department stolen property files. The Treasury is only required to advertise the names of people, businesses or organizations owed property valued in excess of $250. The names appear in the newspaper only one time, even though they may be owed multiple pieces of property.

Here's how to determine if the state is holding some of your money. The process is easy and free.

In an effort to return the property to those who rightfully own it, an online database was created to make the information more easily accessible.

To search for unclaimed property, go to the Treasury Department's website, www.patreasury.gov, and follow the simple instructions.

Assistance is also available by calling the Bureau of Unclaimed Property toll-free at 1-800-222-2046, 7:30 a.m. to 4:30 p.m. Monday through Friday.

State officials are cautioning individuals to be wary of services or "finders" who charge fees to help locate unclaimed property. Finders often charge the maximum amount allowed by law, which is up to 15 percent of the property's value, for making use of the same online databases individuals can use free of charge.

Here are some tips to prevent financial assets from becoming unclaimed property:

·Keep accurate records of bank accounts, stocks, safe deposit boxes, life insurance policies and other financial matters.

·Correspond with all financial institutions holding savings, checking, IRAs, certificates of deposit and all other accounts at least once every three years.

·Cash all checks for dividends, insurance benefits and wages.

·Notify a family member or trusted adviser of the location of financial records.

·Prepare a checklist of all financial assets in order to notify all concerned parties in the event of an address change.