Tag Archives: Bank of Canada

Lost bank accounts in Canada now top $626 Million

Another year, another alarming increase in Lost Bank accounts for Canadians

I am happy that the Bank of Canada this week, updated their website with the balance of unclaimed or lost bank accounts as at December 2015. Last year, I had to make 5 requests for the updated balance & the related database of individuals with balances owing to them as of December 2014. Only after I involved the CBC who without much hesitation did a program on the problem of Unclaimed financial assets in Canada did the Bank of Canada update the information on their site for the benefit of Canadians. I was thrilled about the CBC program that helped to shine a light on the problem of lost bank accounts and Unclaimed Financial Assets in general.  I was also quite relieved when the Bank finally updated their website in late April last year.

But while I’m happy about the prompt updating of lost bank account information for 2015; I`m disturbed by the increase again this year in the value of lost bank accounts last year.

Another $59 Million in lost bank accounts for 2015, making the overall balance owing to Canadians some $626 Million. 

That’s an increase of 10.2% which is similar to last year when $56 Million was added to the unclaimed bank account balance. Considering the population of Canada is some 36 million; the increase is substantial as it the total balance of $626 Million in lost bank accounts. Claimed amounts are dismal at $10-$11 Million for each of the last 2 years.

Check out the disturbing details of lost bank accounts that I have been obsessively passionately tracking for the past 8 or so years:

Too many lost Bank accounts are being held by the Bank of Canada

Too many lost bank accounts are being held by the Bank of Canada

Unclaimed Property Legislation for Canadians is an important aspect of consumer protection that’s missing for the majority of Canadians and advocacy for such legislation is a lonely battle despite the sheer magnitude of an estimated $6 – $7 Billion in Unclaimed assets in Canada. The Bank of Canada holds approximately $1 Billion between the $626 Million in Unclaimed or lost bank accounts and another $500 Million (+) in Unclaimed Canada Savings Bonds.  However, there’s an estimated $5 – $6 Billion or so in other Unclaimed financial assets that Canadians have misplaced like credit union accounts, trust accounts, insurance claims, pension funds, education funds, prepaid funeral deposits, savings bonds, shares/dividends etc.

It’s time Canada caught up to the US and the majority of other developed nations and provided citizens and taxpayers of Canada consumer protection in the form of Unclaimed Property Legislation. The US has had such legislation in place for more than 50+ years. Unclaimed Property legislation would ensure that all unclaimed financial assets are centrally held, reported on and most importantly, owners would have a better chance of being found.

It`s rather… UnCanadian not to have Unclaimed Property legislation in place for Canadians

No one loses track of their hard-earned financial assets on purpose. It’s generally the result of a tragic event or forgetfulness. It would ease the burden on executors that look for financial assets when an individual passes along. Reuniting legal owners with their financial assets would generate economic action. In cases where owners can not be found, unclaimed financial assets would supplement government treasuries that are cash strapped.  It’s a win/win for Consumers and Government to move forward with legislation. So why is Canada so far behind.

Please take a moment to look for your name or the name of your friends or family members using the updated Bank of Canada Unclaimed Balance data base

Bank of Canada Unclaimed Balance database

 

Canada’s own sunken treasure

A ship missing for 310 years was found off the coast of Colombia in the Gulf of Mexico  this past week carrying gold and jewels worth $17 US billion. It’s been called the “Holy Grail” of sunken treasures.

That’s all really exciting but the recovery will be difficult and already a bitter battle has arisen over what may be the world’s largest sunken treasure between Columbia, Spain and a US salvage company. The Columbian government is currently treating the wreck as a state secret to avoid further plundering.

While it’s hardly a State secret, sunken treasure in Canada does exist in the form of unclaimed property or unclaimed financial assets owned by hard-working Canadians. Yet, it’s barely easier to find and doesn’t get barely the attention it deserves.

There’s a Billion dollars in unclaimed property in the Bank of Canada between lost bank accounts and matured/unclaimed Canada Savings Bonds and no one is looking for the legal owners of that treasure despite the information naturally at the disposal of such a worthy crown corporation as the Bank of Canada.  While there’s a listing that is updated annually on the Bank of Canada website for unclaimed bank accounts, take note that those bank accounts are only accounts that have had no activity for 10 years and don’t include accounts in foreign currency.

More unfortunately, very sadly and for some unknown reason, no listing of owners exists for the $500+ Million in Unclaimed Canada Savings bonds.  Whereas the same can not be said for unclaimed bank accounts, Canada Savings Bonds can only be registered by individuals living in Canada so the entirety of this sunken treasure belongs to Canadian individuals and families.  It certainly seems “UnCanadian” for the Bank of Canada to 1) not look for those individuals considering that they have their SIN numbers at hand 2) allow Canadians to more easily find their hard-earned savings bonds.

There’s a multitude of other forms of unclaimed financial assets in Canada that make up sunken treasure in Canada. The estimated total of unclaimed financial assets in Canada total $6 Billion plus. That treasure is more difficult to find outside of the provinces of Alberta and Quebec where unclaimed property legislation actually exists (BC has voluntary unclaimed property legislation).

Generally, Canada is woefully behind in ensuring that consumer protection in the form of Unclaimed Property Legislation exists for all Canadians. The US and other countries around the world have had such legislation in place for 50+ years You can find a partial list of some of the other sunken treasure in Canada on our website as well as some of the places you can search http://legacytracker.com/facts/unclaimed-in-canada/

 Good Luck

What happens to uncashed certified cheques or Money orders ?

Originally posted Feb 19 2013

UnCashed certified cheques or UnCashed Money orders maybe waiting for you!

Maybe…you haven’t thought about checking the Bank of Canada unclaimed funds website because you are pretty careful about providing the bank with your forwarding address and you have not left any old bank accounts behind….but there might be another reason to check.

You may have provided a certified cheque or a money order to someone in the past and it was never cashed or provided to the payee…

TD money order

A certified cheque or money order can become “Unclaimed” funds

In the case of both of these kinds of transactions, funds for the certified cheque or money order are deducted from your account right away when the Bank draws them up for you . However, if you never gave the certified cheque or the money order to the payee as you had intended to for any reason or if that payee never actually cashed that payment…it becomes an unclaimed amount related to the account it was withdrawn from.

There are plenty of “Unclaimed” certified cheques or money orders in the Bank of Canada  – enough to make it worth your while to check

Please do and let us know if you come across some of those kinds of transactions or a bank account you or a loved one had forgotten about.  Please keep in mind that the Bank of Canada unclaimed bank balance account includes only accounts in Canadian dollars(we are not sure why) and only federally regulated bank accounts (not provincially regulated credit unions)

Please get in touch if you have any other questions about unclaimed funds we would be happy to try and help.  We don’t have all the answers but we can try …

The link to the Bank of Canada website is  here