Do you have forgotten money sitting in a dormant account?

Are you owed some of the $130 million in unclaimed funds sitting in dormant accounts in B.C.?

Sponsored by B.C. Unclaimed Property Society | Impress Branded Content

With the festive season upon us, many B.C. residents could use a little extra money to help get them though the holidays. For many people, that elusive extra cash may be closer than they think. Thousands of British Columbians have forgotten funds sitting in dormant accounts waiting to be claimed.

In B.C., there is an estimated $130 million in unclaimed funds in long-forgotten credit union accounts, unpaid wages, overpayments to debt collectors, unclaimed proceeds from courts, pension funds, estates and forgotten real estate deposits.

“Accounts become dormant for a number of reasons,” says Alena Levitz, executive director of the not-for-profit B.C. Unclaimed Property Society, whose mandate is to put forgotten or unclaimed funds back in the hands of the rightful owners. “People move without leaving a forwarding address, neglect to pick up a final paycheque, forget about a security deposit or they simply pass away.”

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 the B.C. Unclaimed Property Society.

BCUPS holds unclaimed property as the legal custodian for rightful owners under the Act. In addition to actively searching for owners of unclaimed property, BCUPS maintains an online database where individuals can conduct a name search to check if they have any unclaimed money waiting for them. Funds can be claimed by completing a verification process that firmly establishes the claimant’s identity. There is no cost to search, file or process a claim for unclaimed property.

Last year, BCUPS received $3,915,730 from financial institutions, companies, courts, tax offices and the Public Guardian and Trustee of British Columbia and returned $978,229 in unclaimed funds to the rightful owners. This year alone, approximately $986,900 in orphaned accounts have been paid out to claimants.

“For many people, particularly seniors, finding forgotten money in a dormant account can be a life-changing experience,” says Levitz noting that BCUPS’ oldest claimant was a 104-year-old woman who recently received $1,200 from an insurance policy rebate.

Most unclaimed accounts hold $200 to $300 on average. The single largest unclaimed property payout by BCUPS was $357,262, made in 2011.

Just Posted

Tagger causes $30,000 damage

Penticton looking for help finding person responsible for graffiti

NHL scouts have eyes on Penticton Vees players

Two Penticton Vees are ranked on the NHL Central Scouting Midterm Rankings

Penticton fire department going by the playbook

Fire department training exceeds official standards

New development in missing plane near Revelstoke

The family of Ashley Bourgeault believe they have found a new clue

Main Street revite continues

Penticton borrowing to cover cost of street upgrade

Taking kindness to a new level

Students make thoughtfulness a year-round initiative

Cougar window shops at Banff grocery store

An RCMP officer spots a cougar outside an Alberta grocery store

Police fear fewer fentanyl imports don’t signal the end of the overdose crisis

RCMP say it’s just as likely that criminal are getting more clever

UPDATE: Two people die in ATV accident south of Campbell River

Third person survived attempt to cross a creek

Lawyers slam ‘de facto expulsion’ of student guilty of sexual interference

Calgary student guilty of sexual assault of a minor allowed to finish semester

B.C. NDP set to restructure union bargaining

School trustees to regain control over employer group

$130K could get you on a dive to the Titanic

Hot summer ticket: $130K could get you on a dive to the Titanic off Newfoundland

UK’s Princess Eugenie, daughter of Prince Andrew, engaged

Princess Eugenie, the daughter of Prince Andrew and his ex-wife Sarah Ferguson, will marry Jack Brooksbank in Autumn 2018

German nurse charged with 97 more murders

Niels Hoegel, serving a life sentence for two murders, has been indicted in nearly 100 more killings.

Most Read