Unclaimed Bank Balances Held with Bank of Canada

Posted on | September 16, 2014 | Comments Off

This information is taken directly from the Bank of Canada website. Use the search feature at the website to find out if you left funds behind you.

To search click here.

An “unclaimed balance” is a Canadian-dollar deposit or negotiable instrument, issued or held by a federally regulated bank or trust company. It can be in the form of a deposit account, bank draft, certified cheque, deposit receipt, money order, GIC, term deposit, credit card balance, or traveller’s cheque.

When there has been no owner activity in relation to the balance for a period of 10 years, and the owner cannot be contacted by the institution holding it, the balance is turned over to the Bank of Canada, which acts as custodian on behalf of the owner. Balances are transferred to the Bank of Canada once a year, on 31 December.

The Bank of Canada holds unclaimed balances of less than $1,000 for thirty years, once they have been inactive for ten years at the financial institutions. Balances of $1,000 or more will be held for 100 years once transferred to the Bank of Canada.

If the balance remains unclaimed until the end of the prescribed custody period, the Bank of Canada transfers the funds to the Receiver General for Canada.

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