Last year, BCUPS returned approximately $1,219,000 in unclaimed funds to the rightful owners.

Are you owed some of BC’s $150 million in unclaimed funds?

BC society helps access long-forgotten accounts - for free!

Are you owed some of the $150 million in unclaimed funds

sitting in dormant accounts in B.C.?

If you’re looking for some extra cash to get on top of those upcoming holiday bills, that elusive money may be closer than you think.

In B.C., there is an estimated $150 million sitting in dormant accounts waiting to be claimed.

Money held in these unclaimed accounts, which includes long-forgotten credit union accounts, unpaid wages, overpayments to debt collectors, unclaimed proceeds from courts, pension funds, estates and forgotten real estate deposits, are administered by the B.C. Unclaimed Property Society (BCUPS).

BCUPS, a non-profit society created by the provincial government and Vancouver Foundation in 2003, works to reunite people with their forgotten or unclaimed assets. In addition to actively searching for owners of unclaimed property, BCUPS maintains an online public database (unclaimedpropertybc.ca) which people can search to see if they have any unclaimed money waiting for them. If you find an unclaimed account in your name, the funds can be claimed by completing a verification process that firmly establishes the claimant’s identity.

BCUPS does not charge any processing fees to search for or claim outstanding funds, and the Society warns residents against paying private companies to do the work for them, saying it can easily be done online through the BCUPS website.

“It’s not uncommon for people to lose track of their assets,” points out Alena Levitz, Executive Director of BCUPS. “People often move without forwarding their mail for more than a year, neglect to pick up a final paycheque, forget about a security deposit or they simply pass away without their heirs knowing much about their finances.”

“The good news is there’s no statute of limitations on unclaimed property. Your money will remain your property no matter how long it’s been idle. We actually have one unclaimed account dating back to 1859.”

Last year, BCUPS returned approximately $1,219,000 in unclaimed funds to the rightful owners. The single largest unclaimed property payout by the Society was $357,262 made in 2011. And largest dormant account in the BCUPS database waiting to be claimed is worth a whopping $1.9 million.

But those are the extremes, most unclaimed accounts hold between $300 to $500 on average. Still, that’s a tidy sum to put in your pocket when you don’t expect it.

Unclaimed money can inadvertently sit on a company’s books for years. Under the British Columbia Unclaimed Property Act, companies and organizations have a legal responsibility to identify and locate the owners of dormant accounts. If unsuccessful, they are required after a specified period of time to transfer these unclaimed funds to BCUPS, which holds unclaimed property in trust indefinitely as the custodian for the rightful owners.

“The amount of money designed as unclaimed has actually grown by more than 60 percent over the last six years as more companies and organizations become aware of their legal responsibility to get dormant accounts off their books,” says Levitz.

Last year, BCUPS received approximately $5,585,000 from financial institutions, companies, courts, tax offices and the Public Guardian and Trustee of British Columbia.

Unclaimed property administered by BCUPS includes dormant credit union accounts, unclaimed wages, outstanding insurance payments, court payments, intestate estates (death without a will), overpayments to debt collectors, and outstanding real estate deposits. It does not include dormant bank accounts which are administered by the Bank of Canada.

Follow the B.C. Unclaimed Property Society on LinkedIn.

Comments are closed

Just Posted

Penticton council sends housing project back to drawing board

B.C. Housing had proposed 52 units of modular housing for the corner of Green Avenue and Main Street

Nine properties in Twin Lakes under evac order

RDOS concerned about a possible breach in Twin Lakes flood armouring

Okanagan jail likely driver of region’s violent crime hike

South Okanagan-Similkameen’s top cop says violent crime happening in jail, not after inmates released

Penticton council green lights sharps disposal inquiry

City staff will help an ad-hoc committee refine a list of locations for sharps disposal bins

They came for a good time on Shuswap Lake

Trooper plays for hundreds on Shuswap Lake this past May Long weekend

MLA pushing province and pharmaceutical to save Vernon woman

Cystic fibrosis patient can’t afford $20,000/month medication she needs to survive

Woman’s death near Tofino prompts warning about ‘unpredictable’ ocean

Ann Wittenberg was visiting Tofino for her daughter Victoria Emon’s wedding

B.C. man facing deportation says terror accusation left him traumatized

Othman Hamdan was acquitted of terrorism-related charges by a B.C. Supreme Court judge in September

Will Taylor Swift’s high concert ticket prices stop scalpers?

Move by artist comes as B.C. looks to how to regulate scalpers and bots reselling concert tickets

36 fires sparked May long weekend, most due to lightning: BC Wildfire

As warmer weather nears, chief fire officer Kevin Skrepnek says too soon to forecast summer

Ariana Grande sends message of hope on anniversary of Manchester bombing

Prince William joins survivors and emergency workers for remembrance service

Pipeline more important than premiers meeting: Notley

“Canada has to work for all Canadians, that’s why we’re fighting for the pipeline”

Most Read