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Humanities & Lifestyle:
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Financial Resources
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- Charitable & Relief Organizations:
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Seek redress or compensation in a class action for any concern, complaint or injustice under any category. This is a free service.
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TheSimpleDollar.com has a series of banking guides which may be of interest to you. These comprehensive resources are intended to help educate people about financial literacy and the basics of savings and banking. This is a free service.
Some of the features include the following:
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What is an unclaimed balance?
An "unclaimed balance" is a Canadian-dollar deposit or negotiable instrument, issued or held by a federally regulated bank or trust company. It can be in the form of a deposit account, bank draft, certified cheque, deposit receipt, money order, GIC, term deposit, credit card balance, or traveller's cheque.
When there has been no owner activity in relation to the balance for a period of 10 years, and the owner cannot be contacted by the institution holding it, the balance is turned over to the Bank of Canada, which acts as custodian on behalf of the owner.
At the end of December 2007, approximately 938,000 unclaimed balances, worth some $320 million, were on the Bank's books. Over 86% of these were under $500, representing 19% of the total value outstanding. The oldest balance dates back to 1900.
If you think that you, members of your family or your friends have unclaimed balances of money deposited in bank accounts, click on the above link to find out and to claim for the balances from the Bank of Canada.
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