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: [email protected]
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: [email protected]
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 | |
|
||
| 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 | |
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