The British Columbia Unclaimed Property Society returned approximately $1.7 million in unclaimed funds to the rightful owners in 2018, says the society’s Executive Director Alena Levitz.

Could you have unclaimed money waiting for you?

BC society distributes millions each year from forgotten accounts

As those post-holiday bills start coming in, many of us could use a little extra cash.

What if hundreds, or even thousands of dollars, was sitting in a long-forgotten account with your name on it, just waiting to be discovered?

The British Columbia Unclaimed Property Society (BCUPS) can help you find out. BCUPS is a not-for-profit society charged with administering the province’s unclaimed property program.

In 2018, BCUPS returned approximately $1.7 million in unclaimed funds to the rightful owners – forgotten credit union accounts, for example, court settlements or final wages for employees who may have moved on without leaving a forwarding address. Since its inception, approximately $14.5 million has been returned from inactive accounts.

BC is one of only three Canadian provinces with legislation around unclaimed property and because there’s no statute of limitations on distributing the funds, they simply stay with the society until claimed. Today, the BCUPS searchable database lists approximately $155 million in unclaimed funds!

“We’re kind of like a parking lot for unclaimed funds in B.C.,” BCUPS Executive Director Alena Levitz says with a laugh.

Starting the search is easy

While the average BCUPS claim is around $300 to $500, some are much more.

In these days of email scams and phishing, Levitz finds many people remain wary of the prospect of finding unclaimed funds. “I don’t blame people for being cautious,” Levitz says, reminding readers that “a reputable company or organization will never ask for money or banking information up front when it comes to searching for unclaimed money.”

You can check if you have unclaimed funds waiting for you by simply searching their database. There are no fees or costs to search for or claim forgotten funds through BCUPS.

Accounts of deceased family members can also be searched, and funds recovered providing the appropriate documentation is supplied.

And as money comes their way each year, the BCUPS team may also try to find you.

“If we receive funds above $200, we’ll try to find you, and if we do, we’ll send out a letter asking you to contact us,” Levitz says.

Did you know?

Philanthropy: Each year, a portion of BCUPS’s outstanding unclaimed funds are transferred to Vancouver Foundation to support community programs and social initiatives. The BCUPS Board determines the amount to donate each year that still ensures funds are available to meet future claims and operate the society. Last year, $2.8 million went to the Foundation, bringing the total since 2004 to $35.8 million!

How much?! The largest single amount BCUPS has distributed was $357,262 in 2011. The largest dormant account in the BCUPS database waiting to be claimed is worth $1.9 million.

Now THAT could pay for a lot of holiday bills!

To learn more, visit BCUPS at unclaimedpropertybc.ca and start your search today.

Comments are closed

Just Posted

Re-elected North Okanagan-Shuswap MP plans to be more effective in second term

Mel Arnold says he learned a lot in first term, established contacts in riding and in Ottawa

Student enrolment for 2019/20 exceeds School District #83 projections

Increase attributed to more people moving into the North Okanagan-Shuswap

Vernon boy Mel Arnold’s ‘biggest little supporter’

While other kids were reading Dr. Seuss, Alex Mulder was studying Canada’s prime ministers

Man allegedly uses gun to rob Salmon Arm bank

Police investigating video footage, asking for information, tips from public

Boil water notice lifted for some residents on the west side of Okanagan Lake

Two-hundred and seventy property owners in the Westshoe Estates Subdivision can now safely drink their water again

Scheer says Canada more divided than ever, as NDP and Bloc hold cards close

While Liberals were shut out of two key prairie provinces, they took two-thirds of the seats in Ontario

Horvat’s hat trick lifts Canucks to 5-2 win over Red Wings

First career three-goal game for Vancouver captain

Saanich Gulf-Islands’s Elizabeth May coy about leadership plans

The federal Green party leader talks possibility of running as MP without being leader

Hundreds attend first annual climate and food conference in Kelowna

Over 25 industry experts spoke at the two-day event

Estheticians can’t be forced to wax male genitals, B.C. tribunal rules

Langley transgender woman Jessica Yaniv was ordered to pay three salon owners $2,000 each

Two youth arrested in UBC carjacking at gunpoint, after being spotted in stolen Kia

‘A great deal of credit is due the alert person who called us,’ said North Vancouver Sgt. Peter DeVries

South Okanagan man charged following armed standoff gets bail

Information on the proceedings is limited due to publication ban

People’s Party of Canada’s anti-immigration views ‘didn’t resonate’ with voters: prof

Party was formed on anti-immigration, climate denying views in 2018

Windstorm knocks out power for 10,000 in north and central B.C.

Power slowly being restored, BC Hydro says

Most Read