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

Man killed, woman in serious condition following South Surrey double shooting

Homicide team on scene after two shot in the 14300-block of Crescent Road

Hawthorne Park decision could come from Surrey City Council tonight

Failed petition will be presented to municipal politicians

Information flows following White Rock’s water-utility-price agreement

Critics ‘have egg on their face’ following announcement, says mayor

Former Langley roadbuilder faces fraud sentencing

A judge will weigh the fate of Matthew Brooks, who pleaded guilty to a $6 million fraud.

Delta staff to review ice arena refrigeration systems

Safety check comes after an ammonia leak killed three people at Fernie Memorial Arena on Oct. 17

Surrey’s seniors entertainment troupe returns for 14th annual benefit concert

The Vaudevillians will be performing at the Surrey Arts Centre on Nov. 4 and 5

B.C. NDP convention set for Victoria

Premier, federal leader Jagmeet Singh to add energy

Silver Creek farm search expands north

RCMP were seen collecting evidence three kilometres north of the farm where human remains were found

Surrey francophone group marks 30th anniversary with concert, exhibit

Montreal-based jazz singer Florence K will perform at Surrey City Hall theatre

Development cost charges could triple in parts of Metro Vancouver under new proposal

Utilities commission chair says rates aren’t keeping up with growth

Ferries re-routed due to fluid spill at Nanaimo’s Duke Point

At least one sailing from Tsawwassen to Duke Point was redirected to Departure Bay

‘Angels’ help save life of Langley senior

Wilf Driedger believes he wouldn’t be here today if not for the quick action of two strangers

Chilliwack homeless camp dismantled on Monday

Mostly co-operative group emerged from the woods with possessions and dispersed

Most Read