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

Victoria cannabis dispensaries are busy in their first days of legal operation

The Cloud Nine Collective and The Original FARM opened their doors on April 15

Pacific FC kickoff party scores in Victoria Inner Harbour

5-a-side soccer field, mascot reveal, jersey pick up in Bastion Square and waterfront lot Saturday

Island cycling series boosts youth race schedule

New series creates opportunity for more youth competition

Colwood wins award for Sustainable Infrastructure Replacement Plan

Plan wins Award of Excellence in Government Finance

WATCH: Movie star and PACE alum Calum Worthy talks musical theatre and his career

“American Vandal” and “Austin and Ally” actor has been returning to the program for over 20 years

POLL: How often does your family use BC Ferries?

Navigating the lineups for BC Ferries is a way of life for… Continue reading

Crime Stoppers most wanted for Greater Victoria for the week of April 16

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

$6K raised in one day’s time for family of woman gunned down in Penticton

GoFundMe launched for family of Darlene Knippelberg, to pay for funeral costs and other expenses

Seven tips to travel safely this Easter long weekend

An average of three people are killed, and hundreds more injured, each Easter long weekend in B.C.

Parents say Austrian climber missing in Banff National Park ‘lived his dream’

David Lama, Hansjorg Auer and American climber Jess Roskelley have been missing since Wednesday

Six months after legalization, high prices and supply issues boost illicit pot market

It has been six months since Canada became the first industrialized country to legalize recreational cannabis

Seattle’s 4-20 ‘protestival’ enjoys tolerance, some support – and B.C. could do the same

Seattle’s Hempfest a large-scale occasions with vendors, prominent musical acts and thousands of attendees

B.C. mountain biker sent home from hospital twice, despite broken vertebrae

Released in Maple Ridge to go home with three fractured vertebrae

Most Read