Unclaimed Money – The Basics

According to an article in a well known financial magazine, chances are that one person in ten has unclaimed money. The average recipient receives around $700.00, but many receive more.

There are many reasons why money is abandoned or unclaimed. The main ones are:

  1. The owner dies and no one else knows about the money.
  2. The owner dies and the heirs cannot be found.
  3. The owner has forgotten about the money.
  4. The owners/heirs are unaware of their right to claim the money. For example, when there is no will, the estate goes to the next of kin. However, the term “next of kin” is defined by where you live. In some cases, cousins, nieces, nephews or other blood relatives may legally claim an inheritance.

It is hard to believe that people forget about money, but it happens and the amounts are not always small. Many times the claims are in the thousands. The rightful owner or their heirs can claim this money, but very few do! This is where Unclaimed Assets of Canada comes in to help.

Many different types of assets become unclaimed. Most are from financial institutions such as banks, credit unions and savings and loans. These unclaimed assets total in the hundreds of millions of dollars and are growing on a regular basis because only a small percentage of owners come forward to make a claim.

Following is a list of some of the assets that goes unclaimed:

  • Chequing Accounts
  • Savings Accounts
  • Certified Cheques
  • Deposit Accounts
  • Money Orders
  • Traveller’s Cheques
  • Deposit Receipts
  • Official Cheques
  • Term Deposits
  • Guaranteed Investment Certificates (GICs)
  • Credit Card Balances
  • Bank Drafts
  • Insurance Claims
  • Securities
  • Dividends
  • And much more
Why do People Abandon Money? Back to Home Page