Consumer Tips

Unclaimed Bank Balances

For your information, the BBB wishes to point out that while it is not illegal, some companies charge up to 40% of your bank balance for a service you can easily do yourself for FREE.

We have been informed by the Bank of Canada that monies are held for nine years by the branches of the chartered banks. The federal Bank Act requires that all chartered banks begin trying to contact owners of accounts after they are inactive for two years. If there is no response, a second letter is sent after five years.

After nine years, the final effort is published in the CANADA GAZETTE, before funds are transferred to the Bank of Canada. Amounts of over $50 are retained forever and can be claimed at any time. A copy of the Canada Gazette will be available at your public library.

It is still possible to recover money after it gets transferred to the Bank of Canada but it involves a different process than going to your local bank and there is a time limit on small amounts.

To determine if you have a dormant bank account, call the Bank of Canada at 1-888-891-6398 or fax: 1-613-782-7802. The name of the department responsible for these bank balances is Unclaimed Balances Services. You can also check their web site at http://ucbswww.bank-banque-canada.ca/scripts/search_english.asp.

PLACES TO LOOK FOR YOUR FORGOTTEN CASH:

Most property becomes unclaimed as a result of a change of address, a change in marital status (the owner was married or divorced), or the death of the owner (the estate was unaware of the money or heirs could not be located). Have your ever:

1. Opened a savings account as a child and then forgotten about it?

2. Moved without receiving your utility and/or security deposit refund?

3. Forgotten to cash an insurance cheque?

4. Neglected to cash interest or dividend cheques on a security?

5. Left a job and forgotten to pick up your last paycheque?

6. Moved and failed to notify companies that owe you money?