Do You Know Where Your Money Is?

August 15, 2011 1:15 AM

I’m sure you’ve heard that said on CNBC at the end of each trading day.

Well, apparently not everyone does know where his or her money is. Many Canadians have forgotten about old bank accounts. When an account is inactive for 10 years, the assets are transferred to the Bank of Canada. To find out whether you have money in a forgotten account, go to the Bank’s website and search using your family name. You might be surprised to find out that some of your relatives have assets that have been seized by the government, which can be reclaimed.

How much money is held at the Bank of Canada as unclaimed balances?

At the end of December 2010, approximately 1.3 million unclaimed balances, worth some $433 million, were on the Bank’s books. Over 94% of these were under $1,000.00, representing 32% of the total value outstanding. The oldest balance dates back to 1900.

Happy Monday suckers!

 

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