unclaimed money

unclaimed money

Have you ever to forget something important? I think no one is immune from such oversight. You or perhaps even deceased parents who said they had never had a bank account may have an unclaimed balance in a bank?

What is unclaimed balance?
The Bank of Canada defines an "unclaimed balance" as a Canadian dollar deposit held by a Canadian bank, trust company or loan company in Canada. This may be a deposit account, bank draft, certified check, a deposit receipt, money, a guaranteed investment certificate (GIC), a term deposit, a balance of credit card or traveler's check.

Before 2007 the Bank of Canada is responsible for storing, or on behalf of the holders, balances that have not been claimed for a period of 10 years and whose owners can not be found by the institution where the funds are deposited . Since the passage of Bill C-37 29 March 2007, the balances will be retained for a total period of 40 years to be a prescription. Except for balances under $ 1,000 will be retained even after 40 years.

Note that the deadlines are different depending on the province and country.
See the table of unclaimed right now in Quebec.

How to claim a balance and can claim a balance?
Anyone can claim a balance he believes to be the legitimate holder of the unclaimed balance of a savings account, a checking account or negotiable instruments.

You can claim a balance as heir or as an agent of an organization.


Council
To determine whether an account at a bank contains an unclaimed balance, see the Bank of Canada or the site of unclaimed property in Quebec, you can also search for one or more deposits in a trust company, to federal charter.