The state of Pennsylvania as well as other states have taken to abusing escheatment laws in the most disingenuous manner by disguising the seizing of citizens’ assets under the deceitful claim of collecting unclaimed property. Escheatment laws and unclaimed property are no doubt an important and justified action by state government. However, what has happened under the governor and a state treasurer is a gross abuse. The state is using these laws at every opportunity to seize property which it then controls and earns interest on, and eventually the state spends the funds.
The state is aggressively auditing financial institutions to have your personal assets turned over to it. After five years of inactivity the money is the state’s. I, like many others, have property and private investments that are long-term investments and have no reason to contact the institutions. I received a letter that looked like junk mail, stating that in a few weeks $159,000 would be turned over to the state unless I contacted the institution regularly and proved I was the owner.
These are our personal funds, Gov. Tom Corbett and Treasurer Rob McCord, and you have no business seizing them. If you need more revenue, obtain it with integrity, not deceit. Say no to both of these two this election and say no to Mr. Corbett’s shameful proposal to redefine and reduce further from five to three years the time needed to seize our funds used to plug budget problems.
The state obtained about $250 million in 2013 in this manner and only returned about half. The rest is the state’s and it spends it. It is currently sitting on $500 million of our money and property.