Understanding unclaimed property

Unclaimed property is money an organization has that the owner hasn’t used for a long time. Courts, credit unions, insurance companies, and the government can all hold unclaimed property. Money becomes unclaimed property when whoever holds it hasn’t been able to locate the rightful owner after a set period of time.

There are many situations that can lead to money becoming unclaimed property. Here are some common examples:

• money that was paid into court but wasn’t paid out

• money sitting in a credit union account 

• uncollected wages

• when someone dies without a will (intestate) and their next-of-kin can’t be located

Note that unclaimed property can only be money. It doesn’t include physical property, like land, vehicles, or buildings.

BC Unclaimed, a non-profit society, is a caretaker for unclaimed property in the province. They receive unclaimed property from other places, like courts and businesses. Their main role is holding unclaimed funds on behalf of the rightful owner until they can find the owner, or the owner makes a claim for the funds.

When BC Unclaimed receives unclaimed property over $200, they look for anyone with the same name as the name they have on file. If they find a match, they send that person a letter notifying them of the funds. They also add the unclaimed property to their searchable database. When BC Unclaimed confirms someone is the rightful owner of unclaimed property, they send them a cheque for the money.

Visit BC Unclaimed’s website to learn more.

Not necessarily. When BC Unclaimed searches for people, they’re looking for anyone with the same name as the information they have on file. It could just be a coincidence. 

To claim the money, you need to prove you’re the rightful owner. You’ll need to send BC Unclaimed ID and documentation showing that you are the same person listed in their database. 

To establish that you’re the rightful owner of unclaimed property, you need to send proof to BC Unclaimed. The specific requirements depend on the source of the funds. Generally, you’ll need to provide three pieces of documentation:

• two pieces of government-issued ID to prove who you are, and

• one piece of documentation connecting you to the unclaimed property.

If you’re the executor or administrator for someone BC Unclaimed holds money for, you’ll also need to send estate documents. See BC Unclaimed’s website for the full requirements.

For unclaimed court funds, you’ll need to have a court order directing BC Unclaimed to pay you the money. Here is what’s involved.

In some court cases, a judge orders that money be paid into court. For example, they may order someone who owes money to pay funds into court to pay off a debt. Occasionally, no one follows up with the court to have the money paid out. Or there’s money left over after everyone has received their share. After five years, that leftover money sitting in court becomes unclaimed property and gets transferred to BC Unclaimed. 

Unlike with other types of unclaimed property, when it comes to court funds, BC Unclaimed isn’t authorized to decide who is entitled to the funds. Rather, they rely on the courts to tell them who to pay the money to. 

If you’re the owner of unclaimed court funds, you need to have a court order directing BC Unclaimed to pay out the money to you. You’ll need to send a certified copy of this order, together with two pieces of ID, to BC Unclaimed. Here are the steps to apply for a court order.