The BC Unclaimed Property Society (BCUPS) says there is $177 million worth of unclaimed assets sitting in holding accounts waiting to be reunited with their rightful owners, including a $1.9-million estate.
The government-sanctioned society is the legal custodian of unclaimed funds received from the court system, the Public Guardian and Trustee of B.C., credit unions, insurance firms, companies and government. It maintains a free online database listing unclaimed accounts that are typically forgotten by British Columbians.
Established in 2003, the fund continues to grow each year, as the society receives much more money than is returned to verified claimants. For instance, last year the society took in $4.07 million whereas only $717,209 was returned.
Most unclaimed accounts in the society’s database amount to between $300 and $500 — typically from inactive credit union accounts, overpayments, unpaid wages and proceeds from courts.
"People lose track of their funds for a number of reasons," said Alena Levitz, the society’s executive director via a statement May 3. "People tend to move around a lot, change jobs frequently, or simply forget to close an account."
Levitz said there’s been a significant increase in online inquiries over the last two years.
"For many cash-strapped British Columbians, being reunited with their unclaimed funds provided welcome financial relief during an unprecedented period of economic adversity. The availability of unclaimed funds also helps support numerous social programs and charities across the province,” said Levitz.
Some money is eventually disbursed to charities; last year, the society allocated $6.24 million to Vancouver Foundation to support community and social programs.
Unclaimed property in B.C. by the numbers
$177 million – Amount of unclaimed funds residing in the BCUPS database transferred from financial institutions, companies and organizations.
$4,070,621 – Amount of unclaimed funds BCUPS received from holders in 2021.
$717,209 – Amount of money returned to verified claimants in 2021.
$110,860,145 – Total amount of money from dormant accounts BCUPS has received since its inception.
$19,230,405 – Approximate amount of money from dormant accounts BCUPS has returned to the rightful owners since its inception.
$1.9 million – Largest dormant account in B.C. waiting to be claimed; BCUPS says the legal heirs are unaware of it.
$6.24 million – Funds from dormant accounts BCUPS transferred to Vancouver Foundation for charitable purposes in 2021.
$54.65 million – Amount BCUPS has transferred to Vancouver Foundation since its inception.
