The $ 1.9 million property is the largest unclaimed account in the province. The company responsible for collecting forgotten funds with their rightful owners says the legal heirs are unaware of this.
The BC Society for Unsolicited Property (BCUPS) says there are $ 177 million in unsolicited assets in the accounts, waiting to be recovered with their rightful owners, including $ 1.9 million worth of property.
The government-sanctioned society is the legal custodian of unsolicited funds received from the judiciary, the public custodian and trustee of BC, credit unions, insurance companies, companies and the government. It maintains a free online database listing unsolicited accounts that are usually forgotten by British Colombians.
Established in 2003, the fund continues to grow every year as society receives much more money than it returns to verified applicants. For example, last year society received $ 4.07 million, while only $ 717,209 was returned.
Most unclaimed accounts in the public database range between $ 300 and $ 500 – usually from inactive credit union accounts, overpayments, unpaid salaries and court revenues.
“People are losing track of their money for a number of reasons,” Alena Lewitz, the company’s chief executive, said in a statement on May 3rd. “People tend to move a lot, often change jobs or just forget to close an account.”
Lewitz said there has been a significant increase in online inquiries over the past two years.
“For many British Columbians who do not have cash, raising them with unsolicited funds has provided good financial relief during an unprecedented period of economic hardship. The availability of unsolicited funds also helps to support many social programs and charities throughout the province, “Lewitz said.
Some money is eventually paid to charities; last year, the community donated $ 6.24 million to the Vancouver Foundation to support community and social programs.
Unsolicited property in BC by numbers
$ 177 million – Amount of unclaimed funds in the BCUPS database transferred from financial institutions, companies and organizations.
$ 4,070,621 – Amount of unclaimed funds received by BCUPS from holders in 2021
$ 717,209 – Amount of money returned to verified plaintiffs in 2021
$ 110,860,145 – The total amount of dormant money that BCUPS has received since its inception.
$ 19,230,405 – Approximate amount of money from dormant BCUPS accounts returned to the rightful owners from its inception.
$ 1.9 million – The largest dormant bill in British Columbia waiting to be declared; BCUPS says the legal heirs are unaware of this.
$ 6.24 million – BCUPS dormant funds donated to the Vancouver Foundation for charity in 2021
$ 54.65 million – the amount BCUPS has donated to the Vancouver Foundation since its inception.
gwood@glaciermedia.ca
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