If you have ever opened a bank account that you’ve forgotten about, the Bank of Canada may have money for you.
Here’s The Lowdown on unclaimed balances.
When there hasn’t been any activity on a bank account for 10 years, and an institution holding the money can’t contact the owner, the cash is turned over to the Bank of Canada.
That includes unclaimed balances from savings and chequing accounts, credit cards, term deposits, or GICs.
By the end of 2017, the Bank of Canada estimated that there were 1.9 million unclaimed balances worth a total of $742 million.
To find out if you’re owed money, you can check the Bank of Canada’s website and search for your name.
In 2017, the Bank of Canada said it paid out $10 million.