British Columbians are sitting on $159 million in forgotten cash

British Columbians currently saving for a down payment may have more money than they thought.

That’s because there’s more than $159 million sitting in dormant accounts in the province, waiting to be claimed, including $1.9 million in unclaimed estate.

The figures from the B.C. Unclaimed Property Society (BCUPS) show that millions of dollars are languishing in inactive credit union accounts, as well as unpaid wages, overpayments to debt collectors, proceeds from courts, pension funds, estates and real estate deposits.

"Accounts are forgotten and become dormant for a number of reasons," says Alena Levitz, Executive Director of the B.C. Unclaimed Property Society. "If you've moved around a lot, chances are you've become separated from some money that belongs to you. You could have left some funds in a credit union account you forgot to close. Another common scenario is when an employee leaves a place of employment, moves away and the employer can't locate them to give them their final pay."

Although most unclaimed accounts in BCUPS' database amount to between $300 to $500, the single largest unclaimed property payout was $357,262 made in 2011.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Market update:

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release

Poll

Do you invest in commercial properties?