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:
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