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

B.C. Ferries vessel breaks down right before long weekend

Horseshoe Bay-Langdale route impacted most, two Departure Bay sailings cancelled

Nanaimo man gets jail time for posting explicit photos of ex-girlfriends

Man’s name cannot be revealed to protect victims’ identities

Olympic skier from Nanaimo suing Alpine Canada after coach’s sex offences

Bertrand Charest was convicted in 2017 on 37 charges

Learn to build a telescope with Nanaimo Astronomy Society

Learn how to build or improve a telescope at the society’s meeting Thursday, June 27

Nanaimo police dog’s bark puts a stop to chainsaw theft

Suspect decides bite might be worse than bark when confronted by RCMP service dog Monday

SUV rolls over in crash in north Nanaimo

Accident happened on Rutherford Road on Wednesday afternoon

Readers vote for Nanaimo’s Best of the City

Complete results of the Nanaimo News Bulletin’s 2019 survey

Air North starts up non-stop flights from Nanaimo to Kelowna

Company running charter flights to Watson Lake, Yukon, including stops in Kelowna and Prince George

Nanaimo RCMP issue warning about counterfeit $100 bills

Fake $100 bill successfully passed at pharmacy on Bowen Road this month

Man appealing conviction for drive-by shooting attempt in Nanaimo

Armaan Singh Chandi was sentenced to nine years in jail in B.C. Supreme Court last month

Pirates hang on to beat neighbouring Royals

Nanaimo beats Parksville 2-0 in B.C. Premier Baseball League action

Pedestrian struck by vehicle in Stz’uminus dies from injuries

A male pedestrian was struck in the early morning of June 25

Foot ferry service in Nanaimo won’t happen this summer

Island Ferries says it still needs to secure funding

Every situation is different, jurors hear at coroners inquest into Oak Bay teen’s overdose death

Pediatrician says involuntary treatment necessary following overdose, opioid use

Most Read