Bank Of Canada Sitting On Pile Of Unclaimed Cash
The Bank of Canada is looking to find the owners or relatives of dormant or unclaimed bank accounts worth nearly $900 million.
The bank wants people to rightfully claim any money that belongs to them, and has set up a website that will enable you to search your name or a relative that has unclaimed balances.
“Generally speaking, the most common reasons that people lose track of their accounts is because of relocation, a significant life event such as a divorce or, unfortunately, death,” Rebecca Spence, a Bank of Canada spokesperson, told the National Post.
The report says the central bank has 2 million accounts with an estimated $888 million lying dormant. The money belongs either to individuals or businesses, and has sat untouched for at least 10 years.
Who knows, but a long lost relative may have died leaving you the potential for a nice inheritance, and all you have to do is search for it. Or just maybe you forgot you had money in a bank somewhere and moved.
I searched for my relatives and found balances worth a few bucks to $10,000 in a matter of minutes. Sadly, none were my relatives, but you might have better luck.
Banks are required to hold dormant funds for a decade before surrendering them to the central bank. The central bank then holds accounts with less than $1,000 for 30 years and accounts worth more than $1,000 for a century before releasing the funds.
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