Unclaimed Bank Balances – could be your money?
Turn unclaimed bank balances into your savings! Perhaps this happens to one of your deceased family members.
Unclaimed Bank Balances
An “unclaimed balance” can be in the form of a deposit account, bank draft, certified cheque, deposit receipt, money order, GIC, term deposit, credit card balance, or traveller’s cheque.
When there has been no owner activity in relation to the balance for a period of 10 years and the owner cannot be contacted by the financial institution holding it, the balance is turned over to the Bank of Canada, which will now hold unclaimed balances for another 30 years. After that, any unclaimed balances will be prescribed if the balances are less than $1,000.
How to Claim the Balance
Go to the Bank of Canada website and look under the “Services” tab. The database of unclaimed bank balances is searchable online and updated every June.
I did a search on my name, but nothing shows up. *sigh*
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