Story from expert HandbagsMaMa.com—
Part 1
Is there a chance that you have unclaimed money in the bank? Most of us would say no, because money is scarce and it’s not often we would allow any to go missing. But the truth is that 750,000 Canadians have left money behind in banks accounts. There is over $225 million in unclaimed money piled up in a vault in Ottawa just waiting for someone to claim it. Is some of it yours?
When I did a story on unclaimed bank balances for CTV’s Canada AM, I heard from Canadians across the country who were excited to find out they were getting an unexpected payday. I found money for a 93-year-old man, a Toronto hospital, a minor hockey team and the Canadian Cancer Society. I heard from people like Bonnie, who wrote, “Thanks for the story on forgotten bank accounts. I had money in the Bank of Canada I forgot about,daytona replica! A nice sum too¡ª$500! I’m going through the process of claiming it right now.” Lawrence wrote,rolex replica watch, “Thanks for the tip on unclaimed balances. I was in the military and moved quite frequently. I’d forgotten about an old savings account from 21 years ago. There was just over $500 in it, which will come in handy.”
How do we lose track of our money? People move around, get deposits they didn’t know about or for whatever reason have just forgotten they have an account. Once money sits dormant in a Canadian bank account for 10 years without the bank being able to contact the owner,buy rolex replica watch, it must be sent off to Ottawa and the Bank of Canada for safekeeping. Balances of $500 or more will be kept indefinitely until they are claimed. If it’s less than $500, you’ve got 20 years (10 at the bank branch and then another 10 at the Bank of Canada). After that it’s too late, and the money becomes the proper?ty of the Canadian government.
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