Did you know that according to the Bank of Canada, when a Canadian-dollar account, deposit or negotiable instrument held or issued by a federally-regulated bank or trust company has been inactive for 10 years and the owner cannot be contacted, it is considered an “unclaimed balance.”
This includes things like bank accounts, credit cards with a positive balance, uncashed cheques or money orders etc.
The Bank of Canada website states:
- At the end of 2018, approximately 2 million unclaimed balances, worth $816 million, were on the Bank’s books.
- In 2018, the Bank paid out $11 million to balance holders.
The best news is that any consumer can check the Unclaimed Balances Registry at no cost. Just go to the Bank of Canada’s website at https://www.bankofcanada.ca/unclaimed-balances/ and follow the steps for Finding an Unclaimed Balance. Use full names, previous names, married names or part of your name to bring up a wider search.
You never know, some free money might just be waiting for you to claim. Spread the word and let friends and relatives join in the fun. Who couldn’t use a little extra cash in their pocket? After all – it’s been your money all along!