Finding Money
A news program I watched the other day mentioned that there is a Bank of Canada site available for the general public to determine if they have any forgotten bank accounts with money in them in Canada. I checked to see if I had forgotten some dough somewhere but did not find any on this site — though I’m sure to find some in my pant pockets if I were to go through my closet thoroughly. You may want to investigate if you have some money in a bank somewhere. If you don’t have any, check if your friends or family do so that they can afford to treat you out to dinner…or at least buy you a side order of bread;-) (see previous post for reference to bread). Here’s the site:
http://ucbswww.bank-banque-canada.ca/scripts/search_english.cfm
If find that you don’t have any lost funds, you can find a bank or ATM close to you using this reference page:
http://canadaonline.about.com/od/atms/ATMs_and_Bank_Machines_in_Canada.htm
April 17th, 2008 at 5:07 pm
I tried it…none of my lost money is out there….I tried a few other people and my son’s name found a result but it wasn’t him. Do you think someone will take advantage of this information in some way? I always thought that after five years your money is placed in a reserve of some sort if your account is dormant for over five years anyway and so your name may not appear as having an amount.
April 18th, 2008 at 12:00 pm
Canadian banks are required by law to send written notification to the owner of a dormant bank account after two years of inactivity, and again after five years. After nine years, the Office of the Superintendent of Financial Institutions (OSFI) publishes all unclaimed balances over $100 in the Canada Gazette, which is available at public libraries in Canada.
After 10 years of inactivity, unclaimed balances of all amounts are transferred to the Bank of Canada.
I once went to the Royal Bank to claim $90 that I had left dormant for a few years. I did not forget about it, I just did not touch that account for a few years not thinking that would be an issue. They told me that due to the service charges on the account there was no longer any money in that account. You have to watch those banks — they’re all about making money. Service charges are crazy — I avoid them as best as I can.
April 20th, 2008 at 4:56 pm
Service charges for what? Nothing???? It isn’t safe to keep money under the mattress either. I don’t have service charges if I do nothing with my accounts….Did you get notification of dormancy? If you gave me $90 to keep safe then if you wanted it back in a few years then I would give you $90 back!!Well another lesson is learnt. One thing about banks…you can give them any amount of money without question but if you want to borrow…..be prepared for a lot of hassle and then they want to know very private information and be prepared to be expected to read inbetween the lines and pages and pages of fine print and then be forced to sign and to sign and to initial and initial…..you walk out with a clouded brain and not sure you really understood much of what was said or read….