Dormant inactive or unclaimed financial accounts TD F 90-22.1

David,

I thoroughly enjoyed meeting with you earlier this week. My father-in-law has been keeping me updated on your correspondence with him. My wife and I had another question concerning the TDF 90 and foreign accounts. Over the years we had been living in Canada, we accumulated accounts that we stopped using, but had left $5 here and $10 there. I assume these accounts are inactive, but were never formally closed by us. What action should we take for these accounts assuming we can remember their details? And what if we can't remember the details such as account numbers, PINs, etc? Thanks,

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david ingram replies:

Just about everyone has an inactive forgotten acount somewhere.

It was always a joke with my family because we would be driving down a street in some small town and I would suddenly stop the motorhome and go in a bank and come out with anything from $50.00 to $2,700.  It was because I had 700 offices in 30 statres and five provinces. when they closed, almost all had something left which was usually not worth bothering about.

Four years ago, the Financial Post listed me as having an unclaimed $2,200 in the Bank of Nova Scotia in Toronto.  I just checked  at http://ucbswww.bank-banque-canada.ca/scripts/search_english.cfm and found another one. (The Pitney Bowes acount is mine,  it coincides with my closing an office in Toronto in 1982.)  I also think I found one for my sister and  an old one for my deceased mother.

I can not find any that looks like it belongs to your in-laws or yourself.

However, it takes ten years for them to transfer an outstanding balance so you have to look every year.

If you do not remember its existence, I do not think it matters.  Certainly $5.00 or $20.00 has likely been eaten up in service charges and the account has been closed by the institution.

Take a look.  If you just type in your surname, you will find that there are 32 possiblities for yours, none for your father in law, and 58 for 'ingram'.  Weibe has 60, while Roberts, Jones and Smith show the best 300 of whatever number actually exist with the specific name 'John Smith' having 37 all to itself.

By the way, there are dormant account searches for Swiss Bank accounts, English Bank Accounts and US accounts.

The US is a dog's breakfast because each state has its own set of rules.  Yo9u can get a start looking for a dormant or inactive accouint in the US at: http://www.unclaimed.org/

BUT, Canada has the same problem with credit unions where every province has a different set of rules and registry for dormant credit union accounts.  BC rewuires you to write to their offiee.

If the deposit was transferred on or after / since Sept 15, 1990, use

Unclaimed Property Office
Office of the Comptroller General
Ministry of Finance
P.O. Box 9413 Stn Prov Govt
Victoria, British Columbia V8W 9V1
e-mail: unclaimedmoney@gems2.gov.bc.ca
Contact: Michelle McBride 250-387-8793


If deposits were transferred to Credit Union Deposit Insurance Corporation/Financial
Institutions Commission prior to September 15, 1990, direct enquiries to the following
address:
Financial Institutions Commission
1900 – 1050 West Pender Street
Vancouver, B.C. V6E 3S7
Attention: Controller
Telephone: 604-660-2947
Fax: 604-660-3170
e-mail: FICOM@gems9.gov.bc.ca

Hope this helps.  I would forget about any account you can't remember. 

Although in doing my search of names, I did come up with a lady in Massachusetts who had a $39,000 dormant account in Canada.  For that much she is likley dead and there are heirs that would like. it.  There ae several organizations who search for heirs and claim a finder's fee.

Type in "Confederation trust" and you will find thousands of hits from $3.00 up from the settlement of the banruptcy of confeeration trust which took place in August, 1994.  finally, the unclaimed balances were transferred  to the Bank of Canada on Dec 31, 2005 as shown by the following in which you will see that they can claim their $95.43 -- anyone know Dean?

 
Unclaimed Balance Information
Name: PRICEWATERHOUSECOOPERS INC LIQUIDATOR OF CONFEDERATION TRUST
Payee: BROWNING DEAN
Address: PAYEE: 1463 ACADIA DRIVE S.E.  CALGARY AB
Official Cheque: 046854 Transferred to Bank of Canada: $95.43
Last Transaction Date: 1995/12/31 Transfer Date: 2005/12/31
Status: UNCLAIMED Outstanding Balance: $95.43
Originating Bank: CONFEDERATION TRUST , 321 BLOOR STREET EAST 7TH FLOOR , TORONTO , ON, M4W1H1

To claim this account, please contact us
Or how about the Bev Longstaff  re-election campaign which can collect a cool clean $118.68.
   
Unclaimed Balance Information
Name: PRICEWATERHOUSECOOPERS INC LIQUIDATOR OF CONFEDERATION TRUST
Payee: BEV LONGSTAF RE-ELECTION CAMPAIGN
Address: PAYEE: 450 407 2 STREET S.W.  CALGARY AB
Official Cheque: 046934 Transferred to Bank of Canada: $118.68
Last Transaction Date: 1995/12/31 Transfer Date: 2005/12/31
Status: UNCLAIMED Outstanding Balance: $118.68
Originating Bank: CONFEDERATION TRUST , 321 BLOOR STREET EAST 7TH FLOOR , TORONTO , ON, M4W1H1

To claim this account, please contact us
She was not hard to find


SAIT honours Bev Longstaff - 2006 Distinguished Alumnus

On March 12, 2007, family, friends and colleagues joined together in Macdonald Hall to celebrate and honour our 2006 Distinguished Alumnus, Bev Longstaff, EGT ’78. Bev was honoured for her years as a passionate community leader and dedicated SAIT supporter. She was not only a student of SAIT, but a former instructor as well. After 10 years at SAIT, Bev successfully ran for office and became a City Alderman and served in that capacity for four terms.

Bev was the Calgary Director for the G8 Conference in 2002, and continues to be an ardent community leader and volunteer by serving for organizations such as: The Salvation Army Community Service Board, Calgary Homefront and SAIT's Board of Governors. She is well sought after for her advice and expertise, particularly in issues regarding Calgary's underpriviledged population.

Speakers at the event commented on Bev’s love for her family and the community, as well as, her immense contributions to the City of Calgary, and of course to SAIT.

I am just making thepoint that there are thousands of accounts out there and I can NOT imagine the US Dept of Treasury going after you or your spouse for an unreported $5.00 although the law  certainly gives them the right to do so once you have the oblifgation.  If you know where it is, report the account and then formally close it to be sure..

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