Unclaimed Money in Canadian Bank Accounts

lost money detectivesMillions of dollars are sitting right now in unclaimed Canadian bank accounts.

At the end of last year, the Bank of Canada was holding approximately 1.8 million unclaimed balances worth $678 million.The biggest balance right now is about $800,000,” according to the Bank of Canada .

If a bank account has been dormant for 10 years, the balance is turned over to the Bank. Unclaimed balances of less than $1,000 are held for 30 years. Amounts more than $1,000 are held for 100 years. Apparently there’s a lot of money out there that people simply forgotten about.

To find out if you have missing money, go to the Bank of Canada website, search for unclaimed balances and type in your name.

If you have money waiting for you, fill out the forms and the funds should arrive in 10 to 12 weeks. If the money continues to go unclaimed after three decades, or 100 years for larger balances, it ends up in federal coffers.

Since 2006, $9.1 million in unclaimed cash has been handed over to the feds….. Ed McMahon

Source: Anne Drewa / Photo:File Photo