How businesses and organizations can improve the chances of reuniting funds with rightful owners

When an organization has unclaimed funds on its books, there are many good reasons to consider submitting the funds to BC Unclaimed, including that BC Unclaimed is:

• Good for consumers: Owners are more likely to find and reclaim their money since BC Unclaimed proactively searches for them and administers a central database.

• Good for business: Organizations that submit unclaimed funds to BC Unclaimed reduce their liability and free up internal resources.

• Good for BC: While funds wait to be claimed, they help support vital projects across the province.

Once the decision to submit unclaimed funds to BC Unclaimed has been made, there is something holders (the businesses and organizations holding funds) can do to improve the chances of funds being reunited with rightful owners, which is to ensure the information provided about each property is as complete as possible.

Under the Unclaimed Property Act, BC Unclaimed can request information a holder has about an owner for the purposes of reuniting owners with unclaimed funds. The more accurate and complete the information, the easier it is to locate and verify owners of property.

Why detailed information matters

When organizations submit unclaimed property to BC Unclaimed, the quality of the information provided can make or break a claim. A name alone is often not enough to identify someone correctly, especially if it is a common name. For example, trying to reunite someone named John Smith with a $200 deposit can be extremely difficult if all we know is:

• The owner’s name

• The amount

• The name of the reporting organization

Many people may share the same name, making verification challenging and increasing the likelihood funds remain unclaimed for longer.

When a holder provides additional identifying details, it gives BC Unclaimed a much better chance of finding owners and returning property.

Information that helps reunification

When preparing a submission, holders should include as much relevant information as possible.

Some information is required, depending on the type of property being submitted. At a minimum, for a submission to be accepted the information must include:

• Owner’s last name or company name (occasionally an exception can be made if the owner’s name is unknown; please contact BC Unclaimed if you are unsure about this)

• Dollar amount

• Ownership/relationship type (sole owner, joint owner, beneficiary, etc.) (Relationship types explain how the owners of a property relate to the funds and each other, e.g., joint tenants, sole owner, beneficiary, etc. A copy of this list is provided on the website and Sheet 3 of the spreadsheet template)

• Property type (property codes tell us what type of funds are being submitted; explanations, templates, and examples can be found on the website)

When available, this information should be included as it can be very helpful in identifying the correct person:

• Owner’s first name

• Owner’s middle name or initial

• Owner’s date of birth

• His or her account or membership number

• Last transaction date

• Whether the owner is deceased and his or her date of death, if known

• Social Insurance Number (SIN)

• Personal Health Number (PHN)

While these items are not always available, when they are, they can help BC Unclaimed confirm an owner’s identity and improve the success of reunification efforts.

Why the “notes” fields are beneficial

The “notes” fields are especially valuable when standard identifying information is limited. The standard submission spreadsheet includes these dedicated notes fields that can provide valuable context:

• Owner notes: for information about the owner that may help identify or match the owner that doesn’t fit in other fields.

• Property notes: for details about the property that may help connect the property to the rightful claimant that doesn’t fit in other fields.

As always, Unclaimed Property Specialists are available by phone and email to help any organization with submission questions.

By providing accurate information that is as complete as possible, holders play an important role in helping reunite British Columbians with property belonging to them.