- Personal Finance
Do You Know Where To Check For Unclaimed Bank Balances In Canada?
Did You Know The Bank Of Canada Holds $395 Million In Unclaimed Balances?
According to the Bank of Canada, "at the end of December 2009, approximately 1,122,000 unclaimed balances, worth some $395 million, were on the Bank's books. Over 93.4% of these were under $1,000.00, representing 30.82% of the total value outstanding. The oldest balance dates back to 1900."
That's a lot of money sitting around in Canada's federal bank. Where does this money come from? These funds are bank accounts that have not been closed;have been inactive for 10 years and the owners cannot be found. The funds are then transferred to the Bank Of Canada and if the balance is less than $1000 the funds are held for another 30 years. If the balance is over $1000 the funds are held for a 100 years.
Although the majority of unclaimed balances are less than $1000, it may be worth investigating to determine whether some of the money belongs to you. Would you turn down $500 that rightfully belonged to you? It never hurts to have a little extra cash in your pocket and searching is a free service offered by the Bank of Canada. And who knows, maybe you have a larger balance.
So, Where do you begin your investigation? Simply click on the unclaimed balances link below,enter your name in the search box and hit enter. It's that simple.
Bank of Canada
- Unclaimed balances - Bank of Canada
This information is public so you may be able to find unclaimed balances for relatives,friends, co-workers or neighbors.
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