Home > Credit Help > Bank of Canada Unclaimed Money

Date:   November 02, 2003
By:                John Chen

Bank of Canada holds millions in unclaimed bank balances

The Bank of Canada holds $168 million in unclaimed bank balances waiting for the rightful owners or heirs to make a claim. That’s right. Read it again. The Bank of Canada holds $168 million in unclaimed bank balances!!

Every year, bank accounts in hundreds of branches around the country are closed after 10 years of inactivity. Fortunately, the banks can’t just pocket their clients’ abandoned money. They are required to try to contact their customers, and if unable to find them, turn the entire amount over to the Bank of Canada for safekeeping.

These assets can be any negotiable instrument issued by any bank in Canada, including deposit accounts, bank drafts, certified cheques, deposit receipts, money orders and travelers cheques. 

BANK OF CANADA may be holding untold dollars for you in unclaimed bank balances

So how does the FREE claim process work? The first step is online at http://ucbswww.bank-banque-canada.ca/scripts/search_english.asp. You just type in the name of the person or organization you want to find funds for, and see what turns up. It’s really fascinating, especially if you have an unusual last name. You might even find some relatives' money for them.

When you identify an unclaimed balance which you believe you are probably entitled to, you will have to complete the claim form which you will obtain from the Bank of Canada website http://ucbswww.bank-banque-canada.ca/. Follow the instructions carefully, obtain the necessary signatures, and return it to the address shown. Be sure to attach all requested documentation to support your claim to ownership. 

When the Bank of Canada receives your completed claim form, they review it carefully and compare it with information on file. Bank officials will contact you if they need additional information. Once the Bank of Canada receives all required documentation and has established ownership, they will pay the claim within 30 to 60 days of its receipt (claims involving estates may take longer). 

So what are you waiting for, see if you have hundreds, maybe even thousands of dollars waiting for you at the Bank of Canada in unclaimed bank balances!

Continue to seek Credit Help Today!

Visit our Credit Help Page to find a list of the best in Credit Help suppliers.