VICTORIA The BC Unclaimed Property Society (BCUPS) says there s been a renewed interest in the dormant and forgotten funds it holds onto on behalf of British Columbians amid the COVID-19 pandemic. BCUPS says it has more than $149 million under its care, which comes from a range of sources, including financial institutions, estates and real estate deposits, inactive credit union accounts, unpaid wages, overpayments to debt collectors and more. The society notes that it does not oversee forgotten funds from dormant bank accounts, which are the responsibility of the Bank of Canada. The COVID-19 pandemic upended British Columbians financial well-being prompting many cash-strapped individuals to look for non-traditional sources of funds such as unclaimed assets, said Alena Levitz, executive director of BCUPS in a release Monday.
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British Columbia Has $149 million in Forgotten Funds from Dormant Accounts Waiting to Be Claimed
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COVID-19 Economy Results in Surge of Inquiries About Unclaimed Assets
VANCOUVER, BC, May 10, 2021 /CNW/ - There is now more than $149 million in unclaimed money from dormant accounts in B.C. available to be claimed by the rightful owners according to the most recent financial statements released by the not-for-profit BC Unclaimed Property Society (BCUPS), which serves as a lost and found for forgotten funds in the province. This includes an outstanding $1.9 million estate the legal heirs are unaware of – the largest unclaimed account in the BCUPS s database.
James Langton
Many people may have forgotten a bank account with a few dollars in it, but there’s a nearly $2-million estate sitting unclaimed in British Columbia, the BC Unclaimed Property Society (BCUPS) says.
In total, there’s more than $149 million sitting unclaimed in dormant accounts in B.C., the non-profit announced. That figure doesn’t include dormant bank accounts, which are the domain of the Bank of Canada. Instead, it represents unclaimed funds from courts, provincially regulated financial firms and other sources, such as inactive credit union accounts, outstanding insurance payments, and proceeds from courts, pension funds and estates.