|
FOR IMMEDIATE RELEASE
Misplaced Millions: Unclaimed
Bank Deposits Total $286 Million in Canada
Ottawa, Ontario July 5, 2001 -- Over the
past 55 years, some 2,342,848 bank deposits in Canada worth over $286 million
have become unclaimed. Only 4% of these deposits have been recovered
by their owners.
In Canada, any bank deposit that has not
had activity for over 10 years is declared unclaimed under the Bank Act.
This includes savings accounts, bank drafts, certified cheques, money order
and travelers cheques. Unclaimed deposits are transferred to the
Bank of Canada, which acts as a custodian until the owner returns to claim
the money.
Unfortunately, very little is done to find
the owners of unclaimed deposits by either the chartered banks or the Bank
of Canada. Perhaps this is not all that surprising considering how
the banks and government benefit from the deposits. The banks collect
10 years of service fees (some also charge “inactivity” fees), the federal
government claims all deposits under $500 after 10 years (worth $60 million
to date) and both benefit from the interest earned.
Canadian Unclaimed Asset Recovery (C.U.A.R)
was created to help reunite Canadians with their unclaimed money and fill
the gap left by the banks and government. It is believed to be the
first attempt in Canada by anyone (government or industry) to actively
seek out the owners of unclaimed money.
“Computer database technology is what makes
this all possible,” says Steven Rawlinson, founder of C.U.A.R. Suspected
owners are identified then sent letters informing them of the money.
C.U.A.R also assists clients in the recovery of their money for a fee.
In addition to its locating services, C.U.A.R
operates a free web site, www.cuar.ca, where Canadians can themselves search
for unclaimed money. The site also provides information to help educate
the public about unclaimed money.
A short article on unclaimed money in Canada,
suitable for use in publications, is available at http://www.cuar.ca/article.php.
For more information contact:
Canadian Unclaimed Asset Recovery
http://www.cuar.ca
Canadian Unclaimed Asset Recovery is a
company that reunites Canadians with their lost money. It locates
suspected owners of unclaimed money, provides recovery services, and operates
www.cuar.ca, a web site where Canadians can search for unclaimed money
owed to them.
| 