Debunking common unclaimed property myths

Last year, we reunited over 400 people with their money. That’s $2.81 million back into the hands of the rightful owners. But there’s always plenty more waiting to be claimed. Read this blog to learn common myths about unclaimed money and why you shouldn’t let them stop you from claiming what’s yours.

Myth #1: I’d never forget about money

One of the biggest misconceptions we hear is, “I’d never forget about my money” but unclaimed property isn’t only from forgetting. While it does happen, often the owner is unaware they were entitled to the sum in the first place such as money from the estate of an estranged relative. Or sometimes they didn’t realize their funds could be sent to BC Unclaimed if they weren’t using the account and keeping their contact information current.

Myth #2: Unclaimed property is too good to be true

We can see how the prospect of a long-lost sum of money sounds too good to be true. However, we’d counter that’s because most people aren’t familiar with the concept of unclaimed property altogether. Once you know services like this do exist in other Canadian provinces, the United States, and the rest of the world, the concept doesn’t sound too far fetched. It makes sense there are laws to protect the interests of consumers, like the Unclaimed Property Act which we operate under. Of course, because there are so many scams these days, we encourage you to always make sure you are dealing with a legitimate unclaimed property program before submitting your documentation. Visit this page of our website to learn how to protect yourself from unclaimed property scams.

Myth #3: Only wealthy people have unclaimed property

Many assume only wealthy people could have money with BC Unclaimed and so neglect to check if there’s money waiting for them. People may move or change jobs frequently and miss depositing a cheque or updating their mailing address. In addition, having previous debts can even be a reason for you to have unclaimed money. Overpayments to collection companies or proceeds of the sale of foreclosed home are two examples of money BC Unclaimed receives on a regular basis. Many of the owners of these amounts are shocked to learn they have funds owing to them, and not the other way around.

Myth #4: There’s a time limit to claim your funds

This can vary depending on the province or jurisdiction holding your money, so we’ll speak for ourselves here. In BC, once your money is transferred to BC Unclaimed, it’s held for you forever. If you don’t claim it in your lifetime, the money can be claimed by your estate. We’d rather you don’t wait for that to happen though. Claiming your money is easy and we’re here to help you start your claim today.

Myth #5: Unclaimed property is only for individuals

Many businesses, nonprofits, and even government entities have unclaimed property, not just individuals. If you own a business or work for an organization, it may be worthwhile to check if there are unclaimed funds waiting to be recovered.

Myth #6: Checking once is enough

We receive new money every month, so even if you checked last year and there was nothing for you, don’t let it stop you from checking again. We suggest searching our website annually, perhaps on your birthday or when you do your taxes. You never know what you might find!