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Wednesday, February 26, 2014

Feds find couch change in forgotten accounts

An article from speculates as to why sometimes people don't close their bank accounts, leaving a total of $1,400,000 unclaimed as of the end of 2013. Click here to read the article, which gives details about how long unclaimed money is held before it is paid to the federal government.

I suspect that many of these abandoned accounts had been held by individuals who passed away, and whose executors and family members were not aware of the accounts. I suggest that anyone acting as an executor should consider contacting the Bank of Canada to check for forgotten accounts.

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