$100 million unclaimed funds in B.C.

With the holiday season upon us, numerous British Columbians are searching for a few extra dollars for that special gift or money for a long overdue warm weather vacation. For many people, that elusive cash may be closer than they think.  Thousands of B.C. residents have forgotten funds languishing in long forgotten credit union accounts, unpaid wages, overpayments to debt collectors, unclaimed proceeds from courts, pension funds, estates, and forgotten real estate deposits.
In B.C., there’s an estimated $100 million in forgotten funds waiting to be claimed. Last year, the not-for-profit B.C. Unclaimed Property Society (BCUPS), whose mission is to reunite unclaimed money with its rightful owner, returned $922,879 to claimants. This year alone, approximately $1.2 million in orphaned accounts has been paid out to recipients.
“For many people, particularly seniors, finding forgotten money in a dormant account can be a life-changing experience” says Alena Levitz, Executive Director of the B.C. Unclaimed Property Society.  “We work with companies looking to get dormant assets off their books, search for and return funds from dormant accounts to the rightful owners. This service is free for companies holding unclaimed funds and claimants searching for long-lost money.”
BCUPS maintains an online database where people can conduct a name search to check if they have any unclaimed money waiting for them. Funds can be claimed by completing a verification process that firmly establishes the claimant’s identity. Visit www.unclaimedpropertybc.ca for more information.