Have you got any unclaimed cash at the Bank of Canada?

The central bank is holding about $678 million in unclaimed funds. Here’s how to find out if any of it is yours.

Some people get excited about finding a $5 bill in an old coat pocket. But what about the millions of dollars sitting forgotten in Canadian banks?

At the end of December, approximately 1.8 million unclaimed balances – worth about $678 million – were on the Bank of Canada’s books, according to its website.

The unclaimed money stems from all kinds of accounts, including savings, credit card balances, or traveller’s cheques.

Money is considered ‘unclaimed,’ and transferred from provincial banks and trusts to the Bank of Canada, when a bank account has no owner activity for a period of 10 years and the owner can’t be contacted by the bank or trust company holding the money.

Nearly all of the unclaimed balances from last year are under $1,000, but make up 26 per cent of the total value outstanding. That means about 120,000 unclaimed balances are worth more more than $1,000.

Unclaimed balances less than $1,000 are held for 30 years, while balances more than $1,000 are held for 100 years. If left unclaimed, the funds are transferred to the Receiver General for Canada.

To find out if some of the money is yours, visit the Bank of Canada website, and fill out the claims form. Any funds that belong to you will be sent within a few weeks.

Last year, the bank of Canada paid out $15 million to balance holders – one balance dating to 1900.


@ashwadhwaniashley.wadhwani@bpdigital.caLike us on Facebook and follow us on Twitter.

Just Posted

West Shore RCMP seizes Camp Namegans’ U-Haul truck

Lock and gate damaged at Thetis Lake Campground in View Royal

Older communities in Greater Victoria record higher turnout

Oak Bay and Sidney rank first and second in voter turnout

Multiple earthquakes off Vancouver Island recorded around the world

Five earthquakes overnight on Oct. 21 were measured as ‘strong’

Man breaks into Victoria residence while two teens are home

VicPD seek suspect described as Caucasian male in his 50s with long grey and brown hair and stubble

B.C. sailor surprised by humpback whale playing under her boat

Jodi Klahm-Kozicki said the experience was ‘magical’ near Denman Island

B.C. government moves to tighten resource industry regulations

New superintendent will oversee engineers, biologists, foresters

Election watchdog seeks digitally savvy specialists to zero in on threats

Move follows troublesome evidence of online Russian interference in the 2016 U.S. election

More court before Dutch man charged in Amanda Todd case is extradited here

Appeals must be dealt with in Europe, before charges faced in B.C.

Crown says man guilty of B.C. girl’s 1978 murder based on alleged confession

Jury hears details of girl’s 1978 murder while Crown says man should be convicted of girl’s murder based on alleged confession.

BCHL alumni has NHL jersey retired by Anaheim Ducks

Paul Kariya played with the Penticton Vees from 1990-1992

Most Read