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

Bears face Hawks, Bruins, Flyers and Bulldogs

Grizzlies lose narrowly to place second out of seven Atom teams

UPDATE: Mount Milligan Mine temporarily suspends operations

There have not been any layoffs at this stage

BC Liberal leader hopeful Wilkinson shares vision with Rupertites

Andrew Wilkinson travelled to Prince Rupert with two supporting northern MLAs, Ross and Rustad

B.C. Lions sign defensive back T.J. Lee to contract for upcoming season

The four-year veteran had a team-high four interceptions and 49 tackles last season with B.C.

Body discovered in burnt out car near Trail

Police report a body was found in the burnt out trunk of a 1999 Honda Civic

VIDEO: B.C. Lions sign defensive back T.J. Lee to contract for upcoming season

The four-year veteran had a team-high four interceptions and 49 tackles last season with B.C.

How an immigrant to Canada helped Donald Trump prove his mental health

Test that cleared Trump was developed by doctor associated with McGill and Sherbrooke universities

Premier touches on multiple topics ahead of Asia trade trip

Housing and childcare are expected to be the focus of the BC NDP’s first budget in February.

UPDATE: Friends mourn boy, 15, killed in Vancouver shooting

John Horgan: ‘No stone is to be left unturned until we find the perpetrator of this heinous crime’

VIDEO: Explorers uncover Canada’s deepest cave in Fernie

The cave, named Bisaro Anima, was confirmed to have broken the record on New Year’s Day

Players sought for National Aboriginal Hockey Championships

ISPARC calls for bantam/midget players to register for selection camp in Kamloops

New funding opens for industry innovation

Northern Development Initiative Trust opened new funds, focused on areas impacted by the pine beetle

Most Read