Five common sources of unclaimed money in British Columbia

Every year, individuals across British Columbia leave money behind without even knowing it. Maybe you moved and forgot to update your address, you closed an account but never withdrew the remaining balance, or your relative passed away and you never knew they listed you as their beneficiary.

Unclaimed property is money that belongs to someone but has not yet been claimed. BC Unclaimed exists to help reconnect you with those funds through a secure and trusted process.

If you are curious about where it comes from, here are five common sources of unclaimed money in British Columbia.

1. Credit union accounts

One of the most common sources of unclaimed money is credit union accounts. If an account is inactive for ten years and the financial institution cannot reach the account holder, the funds must be transferred to BC Unclaimed. This applies to deposits or account balances that were never fully used or withdrawn.

If you ever opened an account and forgot to close it properly, or moved without updating your contact details, there could be money waiting for you.

2. Unpaid wages and benefits

Sometimes, paycheques are not cashed, or final wages go uncollected when someone changes jobs. In other cases, commissions, vacation pay, or bonuses may not have been distributed correctly, especially if a former employee cannot be contacted.

Employers are required to make reasonable efforts to reach individuals before reporting unclaimed wages to the Employment Standards Branch, which then transfers the wages to BC Unclaimed. If you worked in British Columbia, it is worth checking to see if you have any extra earnings that have never been paid to you.

3. Insurance claim payments, premium refunds, and death benefits

Insurance proceeds are a common source of unclaimed funds. If you were involved in an insurance claim or were a beneficiary in a policy that resulted in a payment, and your contact details were outdated, the money may now be held by BC Unclaimed. Cancelling your policy may also result in a premium refund you never received.

4. Pension funds, investments, and securities

Sometimes, pension plans close, companies are liquidated, or a distribution is made to shareholders, but the intended recipient cannot be located. In these cases, the funds may be reported as unclaimed and this can result in an amount owed to you. If you were a member of a pension plan or had other investments you weren’t managing closely, you may have funds waiting.

5. Overpayments on debts, money paid into court

If you have ever had a bill sent to collections or had your home foreclosed, BC Unclaimed may be holding funds for you. Overpayments to collections companies are transferred to BC Unclaimed if they don’t have your current contact information on file.

Sometimes debt matters end up in court. Garnishments of wages and foreclosure proceeds are often paid into court. If the court did not have a current address for you, they could not let you know there was money remaining after the debts were paid. Similarly, if your home or property was sold due to unpaid property taxes, excess funds will come to us if the municipality cannot reach you.

These are often the most overlooked sources of unclaimed money, as people often mistakenly assume that nothing will be left for them, especially when the matter was in court, or the transaction occurred years ago.

Check for your name today

BC Unclaimed makes it easy to search for your name and claim what is rightfully yours. There are no fees, no deadlines, and no catch. You do not need to remember the exact source of the funds. All you need is your name and a couple minutes.

You can also search for funds on behalf of a loved one, including a family member who has passed away. If you are an executor or beneficiary of an estate, we can guide you through the steps required to submit a claim. For more information on how to do this, visit our blog: Can you claim unclaimed funds for a family member or estate?

Visit bcunclaimed.ca to get started.

If you find something that belongs to you or your family, we will walk you through every step of the claim process. Your funds are always available to you and until they are claimed, they are held securely and used to support charitable programs that benefit communities across British Columbia.

If you have questions or need help with your search, contact us. We are here to support you.