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

City of Nanaimo planning to build new boathouse at Long Lake by 2023

$1.35-$2-million project would be used by local rowing, canoe and kayak clubs

Lantzville’s Pottie ‘walking away’ from derelict hotel in Port Alberni after one week

WorkSafe B.C. issues stop work order; owner says cost to continue too high

UPDATE: Scooter rider suffers life-threatening injuries in crash in Nanaimo

One person airlifted to hospital in Victoria after collision on Wall Street on Thursday

VIU students in Nanaimo have been busy creating haven for bees

Peace garden and program to protect pollinators providing new educational opportunities

Beefs & Bouquets, Oct. 17

To submit a beef or a bouquet to the Nanaimo News Bulletin, e-mail bulletinboard@nanaimobulletin.com

UPDATE: Scooter rider suffers life-threatening injuries in crash in Nanaimo

One person airlifted to hospital in Victoria after collision on Wall Street on Thursday

Canucks beat Stanley Cup champs 4-3 in a shootout

Leivo nets winner, Vancouver dumps St. Louis for fourth straight win

Campbell River homicide suspects arrested in Vancouver

Two men remain in custody, but have not been charged

‘The more you test, the more you find’: Beef recalls a sign of success, experts say

Despite appearances, experts say a recent rise in major recalls is not a sign of food supply problems

With $4M investment, Camosun College offers first sonography program on Vancouver Island

Starting in May 2020 students from Vancouver Island can pursue a career in sonography

Elizabeth May confirms plan to eliminate fish farming in open ocean pens

Green Party leader stops in Qualicum Beach as part of Island campaign

STRIKE: WFP and USW are back at the table for mediation

“No further updates until either an agreement is reached or one party or the other breaks off talks”

Pole-climbing thieves pilfering wire in Parksville Qualicum Beach area

Repairs are costly and thefts jeopardize public safety

Green Party leader Elizabeth May rolls through Vancouver Island to boost a party stronghold

Mocks media, evokes Martin Luther King, Nelson Mandela and promises change

Most Read