Canada: Bank of Canada Unclaimed Balances
Unclaimed bank balances held at the Bank of Canada are exclusively Canadian dollar deposits in, and negotiable instruments issued by, Canadian banks at locations in Canada. They can be in the form of deposit accounts, bank drafts, certified cheques, deposit receipts, money orders or travellers cheques. As at the end of December 2001, approximately 745,480 unclaimed balances, worth some $168 million, were on the Bank's books. Unclaimed bank balances are maintained by the Bank of Canada, which acts as custodian on behalf of the owner, when there has been no owner activity in relation to the account for a period of 10 years and when the owner cannot be contacted by the Canadian bank holding that asset.
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