Category Archives: Bank of Canada

Canada -34 Million people but Billions in Unclaimed Funds ?

$320M  Now…$500M* in the Bank of Canada (5 year change)LegacyTracker Poster

$125M Now    $259M*   in Matured CSBs (5 year change)

+ 20-30% of insurance policies + Pension Funds + Shares + Bonds +

Safety Deposit Boxes + Security Deposits + Credit Union Accounts + etc. etc.

Estimated Total:  $4B (Canada) 

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Secret life of unclaimed safety deposit boxes

From a story by the New England Cable News Feb 16 2013

Unclaimed Property/Untold Stories

I am sure any day now someone will realize that they could make the story of unclaimed safety deposit boxes a reality TV show but until they do so, I pass along this story by  New England Cable News which shines some light on how the US handles unclaimed safety deposit boxes (for obvious reasons, it fails to shine any light on what happens here in Canada but we will keep trying)

safety deposit boxes

Read the story from NECN here 

In the US, each State takes responsibility for the boxes after 5 years of no activity (most importantly, missed payments) because safety deposit boxes are considered unclaimed property and well, the US has had unclaimed property legislation for about 40+ years.

After reading the story of a typical day of opening abandoned safety deposit boxes in in a typical state like Wisconsin I have a new appreciation of why they REALLY try to return the boxes to the rightful owners.

Hundreds of boxes arrive at this particular office in Wisconsin but each State may vary in the additional amount of time they will hold abandoned items after receiving the boxes from the banks who have already held them for 5 years.. Wisconsin holds boxes for 2 years while Iowa will hold boxes for 10 more years.

“We’ve really tried to push our outreach efforts to let people know about unclaimed funds and getting money back to people,” said Scott Feldt, the deputy state treasurer. “That’s our major effort, that’s why we are here.”

They do so at by way of public events, radio, TV and newspaper interviews. They also publish lists of people owed unclaimed property in various newspapers and in their searchable online database.

More commonly, they hold coins and jewelry, old stamps and personal documents, like wills and marriage certificates. But often times unusual items of no monetary value re found in the boxes and they have no choice but to destroy. This story details some of those finds:

·        One box contained a Band-Aid box and two toenails, wrapped in tissue.·        One box contained an empty envelope.(only)

·        One box contained nothing but spoons.

·        One box contained a Rolex box, but alas, no Rolex.

·        One box contained dental gold, teeth still attached

Some of the items are sold in monthly eBay auctions. The office holds the proceeds for the owner in the event someone later claims them. Perhaps not these particular items but some items that are found to have value are sold in monthly eBay auctions and then the proceeds are held for the owner in the event someone later claims them.

And, while it may depend on the State most Sates will hold onto certain special items ‘in perpetuity’ like photographs and war medals which they know would mean the most…if they eventually find the rightful owners.

All in all, it seems like a fairly civilized and respectful process and transparent… so what is our process here in Canada? It has yet to be told I’m afraid. Or at least, I haven’t found it yet. If you happen to know; please let us know or maybe a new Cdn Reality Show will help us unravel it first….

What happens to uncashed certified cheques or Money orders?

Oiginally posted Feb 19 2013

Maybe we can brighten up your cold Tuesday

Maybe…you haven’t thought about checking the Bank of Canada unclaimed funds website because you are pretty careful about providing the bank with your forwarding address and you have not left any old bank accounts behind….but there might be another reason to check.

Have you ever provided a certified cheque or a money order?

TD money order

If you have, what if that certified cheque or money order you paid for never was cashed?

In the case of both of these kinds of transactions, they are deducted from your account when the Bank draws them up for you but what if you never gave the certified cheque or the money order to the payee as you had intended for whatever reason or what if that payee never actually cashed that payment?  It becomes an unclaimed amount.

A review of the Bank of Canada website shows that there are plenty of those kinds of transactions – enough to make it worth your while to check

Please do and let us know if you come across some of those kinds of transactions or a bank account you or a loved one had forgotten about.  And if you have any other questions about unclaimed funds we would be happy to try and help you answer them

Link to the Bank of Canada website here