Unclaimed Money
Canada

1. What is an unclaimed balance or asset?
2. How does an account become unclaimed?
3. What happens to unclaimed accounts?
4. If I am owed money, wouldn't I have been contacted?
5. How do people "lose" their accounts?
6. Why aren't the Banks or Government doing anything to find unclaimed account owners?
7. Do you provide any services to help people recover unclaimed accounts?
8. Who can claim an account?
9. I found an unclaimed bank balances that I believe I am entitled to, what should I do?
10. How long will it take to get my money back?
11. This seems too good to be true.
12. What can I do to prevent my accounts from becoming unclaimed?

Information About Unclaimed Balances:

What is an unclaimed balance or asset?

Any money deposited in a Canadian bank that has had no activity for 10 years or more is declared unclaimed.  This includes deposits in the form of savings accounts, bank drafts, certified cheques, deposit receipts, money orders or travelers cheques.  The Canadian Government maintains the balances and acts as a custodian on the owners behalf until they return to claim there money.
 

How does an account become unclaimed?

After 2 years of inactivity the bank the funds are located at will try to contact the owner at the address they have on record.  They make another attempt after 5 years.  After 10 years of inactivity if the owner has not been found the account is then turned over to the government.
 

What happens to unclaimed accounts?

The government maintains custody of all unclaimed balances of $500 or more until they are claimed.  Unclaimed balances under $500 are kept for 20 years (10 years from the date of the last owner transaction at the Canadian bank, plus an additional 10 years held by the government).  Consequently, in the case of balances under $500, a claim must be made no later than December 31 of an account's last year (the year of the last transaction date + 20 years).

The oldest balance dates back to 1900!
 

If I am owed money, wouldn't I have been contacted?

No!  The government and banks do not locate owners of unclaimed accounts.  After 2 and 5 years the bank will send you a letter at the address on file for the account, and after 10 years the government will make public the account details.  But nothing is done to try and locate you, it is up to you to find any unclaimed money. 
 

How do people "lose" their accounts?

There are a number of reasons how people might lose or forget their money.  Probably the two most common reasons are moving and deaths.

According to Statistics Canada almost half the population of Canada moves each year!  One of the highest rates in the world.  When people move they likely open a new account with a bank that is convenient to their new location.  They forget to inform their old bank they moved and over time forget about the old account. 

In the event of a death the executor of the will and relatives left behind either do not know the bank account exists or can not locate it.
 

Do you provide any services to help people recover unclaimed accounts?

No, this website with its free search capability is the only service we offer.

Back in 2001 when we first started we did briefly try to locate people with unclaimed bank accounts and then provide them with assitance to recover their funds for a small fee. Unfortunately, we found this to be a lot of work and not very successful. Plus, may people thought we may be operating some type of scam.

Why aren't the Banks or Government doing anything to find unclaimed account owners?

It is not very surprising when one considers the fact that the government benefits from unclaimed assets.  After 20 years all assets under $500 become public funds for use by the government.  We estimate this amounts to over $1.5 million in revenues per year.  Not to mention the interest on the $158 million each year! (although to be fair they do offer a small amount of interest on the unclaimed accounts, 1.5%)

The banks benefits from 10 years of interest and service charges in the case of a savings accounts.  Additionally, most banks also have charges after 2, 5 and 10 year for inactivity.  If they did locate the owner, since they have not used the account for several years, it is unlikely that they would want to keep the account open.
 

Who can claim an account?

There are three situations in which you can make a claim:

• You are the rightful owner of the unclaimed account.
• You are an heir to an estate.
• You are an officer of a company or organization (existing or dissolved).

I found an unclaimed bank balances that I believe I am entitled to, what should I do?

Start by getting more information about the account to verify that it does in fact belong to you. Check the full account details, then you can proceed with making a claim.
 

How long will it take to get my money back?

It depends on the complexity of the claim, but typically it takes 6-8 weeks.
 

This seems too good to be true.

Often people believe this is "too good to be true" or wonder if this might be some type of money scam.  Unfortunately, it is true that in the past some unscrupulous companies have tried to trick people into paying fees with promises of unclaimed fortunes (mainly in the U.S.).  So you are quite justified in being cautious.  Let me assure you that this money is for real and can be recovered from the government if you are the rightful owner.  However, we make no guarantees that you will be able to recover an unclaimed balance.
 

What can I do to prevent my accounts from becoming unclaimed?

First, keep good records of all your bank accounts.  Write down all the banks you have accounts with, the account numbers and then put the list in a safe place.  Also keep a copy of this list with your will, that way should anything happen to you your estate will know where your accounts are.

If you move, be sure to tell your bank your new address.  Ensure their records up to date, that way if you don't use an account for a long period they will be able to contact you and remind you of the account.