Friday, 3 August 2012

Did You Lose Some Money? I Might Have Found It!

Ever wonder what happens to money that you might have forgotten about? The Bank of Canada has a site for searching for Unclaimed Balances. . Take a visit to this site and search your name.

They can be: Deposit accounts Savings accounts Bank drafts Certified cheques Deposit receipts Money orders Official cheques Traveller's cheques Term deposits Guaranteed Investment Certificates (GICs) Credit card balancesUnclaimed bank balances are maintained by the Bank of Canada, which acts as custodian on behalf of the owner, when there has been no owner activity in relation to the account for a period of 10 years.

The Bank of Canada maintains custody of all balances of $1,000 or more for 100 years at the Bank of Canada after the 10-year inactivity period at the original bank. Unclaimed balances under $1,000 are retained for thirty years after the 10-year period. Balances must be claimed before the period in Bank of Canada custody ends. If the balance remains unclaimed until the end of the prescribed custody period, the Bank of Canada transfers the funds to the Receiver General for Canada.

So take a look to see if you or one of your relatives have forgotten money which now can be found! If you do happen to find your money make sure you post here. I would love to hear your story of found money.

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