Editor’s note: A previous version of this story stated that if “money continues to go unclaimed for more than 10 years the BCUPS deems the account dormant and the funds will be handed over to the federal government or charity.” That was incorrect. The BCUPS says it “never turns funds over to the federal government nor is there any ‘expiration’ date after 10 years.” The organization also said it “does transfer funds to Vancouver Foundation for charitable purposes however this is done using an actuarial formula, and does not constitute any specific accounts.”
As much as $150 million is waiting to be claimed by B.C. residents.
That’s according to the B.C. Unclaimed Property Society (BCUPS), a non-profit society created by the provincial government and the Vancouver Foundation in 2003.
It’s an organization that works to reunite people with “forgotten or unclaimed assets.”
The money comes from unclaimed proceeds from court cases, pensions, estates, unpaid wages, credit union accounts and real estate deposits.
BCUPS executive director Alena Levitz said residents can check to see if they’re owed some money by completing the free verification process on the BCUPS website.
“If you are a match, we will issue you a cheque within 10 to 12 business days,” said Levitz.
The funds remain remain with the BCUPS until it’s claimed by the rightful owner.
Levitz says the main reason the money goes unclaimed is because people have forgotten about it.
“We have funds going back to the late 1880s and [it’s] certainly still with us,” she said.
The $150 million in unclaimed cash is up $10 million from earlier this year.
Currently, the largest unclaimed account at the BCUPS is worth $1.9 million.