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

Parksville-Qualicum MLA questions minister over homeless housing project

Stilwell seeks clarification in response to community opposition

Emergency preparedness expo coming to Qualicum Beach Saturday

Experience an 8.0-magnitude earthquake in Shake Zone simulator

Parksville author reeling in reluctant readers

Jocelyn Shipley’s latest book meant to engage teens who don’t yet love to read

Qualicum Beach rain garden receives award

Green project honoured by Vancouver Island Real Estate Board awards

Ravensong Waterdancers perform well at regional meet

Mable Moran Regional Championships held in Richmond

VIDEO: Kwalikum students featured in fashion show

Event a fundraiser for dry grad event

Parksville resident interrupts break and enter

Two reported break and entries on Gaetjen Street

Former Social Credit MLA dies at 88

Lyall Hanson was mayor of Vernon in 1981 and moved to provincial politics from 1986-96

WATCH: Officers recognized at 10th anniversary of anti-impaired driving program

Alexa’s Team has grown from 26 members in 2008 to the current 2,400

Police searching for escaped prisoner in B.C.

Ralph Whitfield Morris, 83, is serving a life sentence for second-degree murder

B.C. set to introduce pot laws, but years of fine tuning likely: minister

Legislation regulating recreational marijuana is expected to be introduced Thursday

Arrests made after truck crashes into unmarked police cars in Nanaimo

Two men facing numerous charges after allegedly fleeing scene on the mid-island

Canadian driver uses lawn chair as driver’s seat, gets caught

Ontario police detachment caught the male driver during a traffic stop

B.C. moves to restrict pill presses in opioid battle

Minister Mike Farnworth says federal law doesn’t go far enough

Most Read