We’ve made no secret of the fact that we love Credit Unions but…
Why is finding an unclaimed Credit Union balance in Canada so …complicated to say the least ?
There`s over $532 million in unclaimed bank accounts held by the Bank of Canada. This balance is made up of Canadian dollar accounts held originally by a federally regulated bank where the account was inactive for a period of 10 or more years. The Bank of Canada makes available a searchable database of unclaimed bank accounts which anyone can search here
Although we remain disappointed about the fact that the Bank of Canada`s searchable database does not include inactive accounts held in a foreign currency (since they are very familiar with exchange rates), the process and the rules seem simple enough.
If only Canada had such clarity in the case of unclaimed accounts held by Credit Unions or Financial Cooperatives !
Alas, Credit Unions and Financial Cooperatives are provincially regulated and unfortunately, each Province has their own rules (or doesn’t). More unfortunately, only 3 provinces currently make available a searchable database available to the public (Quebec, British Columbia and Nova Scotia)
Here`s a short rundown on what we know about Unclaimed Balances held by Credit Unions in some (apologies-not all) Provinces across the Country:
Alberta: After 10 years of inactivity, unclaimed account balances are transferred to the Credit Union Deposit Guarantee Corporation (CUDGC) which holds the money for another 20 years before it is considered revenue for Alberta. As of 2013, the CUDGC held some $1.36 Million in unclaimed accounts.
British Columbia: After 10 years of inactivity, unclaimed account balances over $100 are transferred to the BC Unclaimed Property Society which holds the account indefinitely. A searchable database is available here
Nova Scotia: After 7 years of inactivity, unclaimed accounts are transferred to the Nova Scotia Credit Union Deposit Insurance Corporation (CUDIC). The CUDIC holds the balance in perpetuity. As of 2013, the Nova Scotia Credit Union reported $577 Thousand in unclaimed accounts. A searchable database is available here
Quebec: After 3 years of inactivity, unclaimed accounts are transferred to Revenu Quebec where the balances are held for 30 more years for amounts over $500 or 10 years if the amount is less than $500. A searchable database is available here
Saskatchewan: After 6 years of inactivity, unclaimed accounts worth more than $5,000 are transferred to the provincial Credit Union Deposit Guarantee Corp. The balance of unclaimed accounts in 2013 was $244 Thousand. A searchable database is expected to be available soon
Ontario: Section 182 of the Credit Union and Caisses Populaires Act in Ontario notes that accounts that have been inactive for a period of 10 years are to be forwarded to the Ministry of Finance in accordance with the Minister`s directions. Unfortunately, those directions have still not been provided despite the fact that the Act became law in 1994. The Financial Services Commission of Ontario which administers the regulations pertaining to Credit Unions and Caisses Populaires in Ontario, can not provide us with any detail as to why there has been a delay of 20 years by the Ministry of Finance in providing `directions`. Yikes.
That’s more than unfortunate for account holders or heirs in Canada`s most populous Province who should be able search & claim accounts that they are legally entitled to in one central place.
We are left to wonder why Minister of Finance in Ontario seems so indifferent about this matter given the state of finances in Ontario and the fact that this would be a welcome help to families who have for one reason or another lost track of an account
This ‘Mish Mash’ of rules and procedures depending upon your jurisdiction, is a Good Reason to safeguard your financial assets & all of your financial and legal information in a secure and accessible location. We have one for you – LegacyTracker.