In December 2013, there were about 1.4 million unclaimed balances worth approximately $532 million dollars on the books with the Bank of Canada*. Unclaimed balances on deposit with the Bank of Canada include Canadian dollar deposits of a negotiable instrument issued or held by the federally regulated banks and trust companies. These funds can be in the form of a deposit account, bank draft, certified cheque, deposit receipts, money order, GIC, term deposit, credit card balance, or traveller’s cheque. Have you ever wondered if you have a dormant bank account?
Where there has been no owner activity or the owner cannot be contacted by the financial institution, the institution will hold the funds on account for 10 years. After 10 years, the balance is transferred on December 31st of the 10th year to the Bank of Canada. The Bank of Canada will hold deposits under $1,000.00 for 30 years, and deposits over $1,000.00 for 100 years from the date of transfer from the holding Financial Institution. Over 93% of unclaimed balances’ are under $1000.00, representing 29% of the total value on account with the Bank of Canada.
After this time, if the balance has not been claimed, the funds are transferred to the Receiver General of Canada. The oldest balance dates back to 1900!
Last year the Bank of Canada paid out $14 million to account holders.
So if you are wondering if you have a dormant bank account with the Bank of Canada, click on this link to find out. Happy browsing.
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http://legacymatters.ca/wp-content/uploads/2016/05/Website-Header-1-300x100.png00Kathttp://legacymatters.ca/wp-content/uploads/2016/05/Website-Header-1-300x100.pngKat2014-04-02 09:22:252014-07-22 14:04:35Do You Have a Dormant Bank Account?