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

New figures show City of Victoria spent $30,000 to remove Macdonald statue

Contentious decision sparked controversy, apology from mayor

High school graduation rates on the rise in Greater Victoria

High school completion up from 71 to 86.8 per cent over 10 years

Pacific Centre Family Services Association a winning design in Colwood

Victoria Real Estate Board winner a welcoming sight

Victoria curling foursome looks to defend provincial title

2019 BC Junior Curling Championships held in Vernon from Dec. 27, 2018 to Jan. 1, 2019

Top tourism executives in B.C. earn almost $1 million

Destination B.C. CEO Marsha Walden received total compensation of $296,487 in 2017-18

Unique technology gives children with special needs more independent play

UVic’s CanAssist refined seven prototypes aided by $1.5M government contribution

Greater Victoria holiday craft fair roundup for Nov. 16 to 18

Check off all of the items on your shopping list at these great events

Greater Victoria Crime Stoppers wanted list for the week of Nov. 14

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

B.C. asking for tips on ‘dirty money’ in horse racing, real estate, luxury cars

Action follows a Peter German report on money laundering in B.C. casinos

Canadian dead more than a week after plane crash in Guyana: Global Affairs

Global Affairs said it couldn’t provide further details on the identity of the Canadian citizen

Children between 6 and 9 eligible for $1,200 RESP grant from province

BC Ministry of Education is reminding residents to apply before the deadline

Privacy concerns over credit card use for legal online pot purchases

Worries follow privacy breaches at some Canadian cannabis retailers

NEB approves operating pressure increase to repaired Enbridge pipeline

The pipeline burst outside of Prince George on Oct. 9, now operating at 85 per cent

B.C. VIEWS: Setting speed limits in a post-fact political environment

Media prefer ‘speed kills’ narrative, even when it fails to appear

Most Read