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

Garbage pickup remains Town of Qualicum Beach service

Council rejects motion to join RDN’s contracted collection service

Proposed public art installation sparks debate in Victoria

$250,000 sculpture compliments an interactive sound element of First Nations drumming and singing

#MeToo at work: Employers play a role in fixing culture of harassment

B.C. workplaces are getting ahead of being the next MeToo debacle, calling on experts to train staff

More Parksville Qualicum school families to get hampers this Christmas

School district, business giving project exceeds last year’s total

#MeToo at work: How reporting sexual harassment works – and how it doesn’t

British Columbians have four options to report harassment or assault, but none of them are easy

REPLAY: B.C. this week in video

In case you missed it, here’s a look at replay-worthy highlights from across the province this week

Overtime goal lifts Nanaimo past Generals

Oceanside hockey squad falls short after rallying to tie league game

Family suspends search for missing Alberta couple, plane near Revelstoke

Due to bad weather, families of missing Albertan couple say they will resume in the spring

Canadian grocers make $3M per year from penny-rounding: UBC study

Ottawa announced plans in 2012 to phase out the copper coin

Police continue to seek missing Qualicum Beach woman

Oceanside RCMP requesting public assistance in locating Carmel Georgina Gilmour

UPDATE: Oceanside RCMP I.D. suspected nail gun thief

‘Multiple tips’ from public aid in quick identification of suspect in Parksville theft

B.C. anti-hate campaigner finds Google search on his efforts redirects to porn

Text from online news article about Cran Campbell being used to link to suspect websites

‘The Last Jedi’ opens with $220M, 2nd best weekend all-time

As anticipated, the movie fell shy of the opening weekend for J.J. Abrams’ 2015 franchise reboot

Most Read