Hundreds of thousands of {dollars} sit in Canadian financial institution accounts, however that is worse
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Whereas this was an distinctive case, misplaced cash in accounts is just not uncommon.
Hundreds of thousands of {dollars} sit in Canadian financial institution accounts unclaimed together with greater than $190 million in BC and $478 million in Quebec.
Whereas many of those accounts comprise quantities of lower than $500, some are considerably bigger together with a $1.9 million property in BC.
“Individuals lose observe of their cash for numerous causes,” mentioned Sherry MacLennan, govt director of the BC Unclaimed Property Society. “Individuals have a tendency to maneuver round so much nowadays, change jobs often and should not go away a forwarding handle or they merely neglect to shut an account. In lots of instances, they will not be conscious that there are unclaimed funds owing to them corresponding to with unclaimed inheritances, courtroom funds or insurance coverage funds.”
Monitoring down unclaimed money
When money is left unclaimed in a Canadian account for greater than 10 years, monetary establishments are required to switch funds to the Financial institution of Canada – though this solely applies to Canadian cash.
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