An International Look at Unclaimed Property Programs

Earlier this spring, BC Unclaimed Property Society’s (BCUPS) Executive Director Alena Levitz presented to the National Association of Unclaimed Property Administrators (NAUPA) conference on British Columbia’s unclaimed property program. Joined by her counterparts in the UK and Kenya, the event was attended virtually by more than 130 delegates. The NAUPA conference provided an international perspective on how countries outside the United States administer their unclaimed financial assets. Canada Unclaimed property […]

$149 Million Sitting in Dormant Accounts in BC Waiting to Be Claimed

There is now approximately $149 million in unclaimed money from dormant accounts in British Columbia looking for a home, according to the most recent financial statements from the BC Unclaimed Property Society (BCUPS). (Anual Report 2020) Thousands of British Columbians have unclaimed funds waiting for them in inactive credit union accounts, as well as unpaid wages, overpayments to debt collectors, proceeds from courts, pension funds, estates and real estate deposits. […]

Unclaimed Funds Could Provide Needed Financial Relief for British Columbians Impacted By COVID-19

According to the most recent financial statements released by the BC Unclaimed Property Society (BCUPS) (Annual Report 2019) there is now more than $164 million in forgotten funds from orphaned accounts in the province looking for the rightful owners. This missing money could be a welcome source of financial relief for many BC residents impacted by the Covid-19 pandemic. BCUPS, which serves as the administrator of the province’s unclaimed property […]

Dormant Funds from BCUPS Directed to Fight COVID-19 Pandemic

Every year, a portion of dormant funds remitted to the BC Unclaimed Property Society from businesses and organizations is transferred to Vancouver Foundation to be used for charitable purposes. Vancouver Foundation recently used funds transferred from BCUPS to help establish the Community Response Fund in partnership with Vancity credit union, United Way Lower Mainland, and the City of Vancouver. The fund will support charities that provide front-line services to people […]

An International Perspective on Using Dormant Assets to Fund Social Programs

One of the distinctive aspects of the BC Unclaimed Property Society (BCUPS) is its philanthropic business model, in which a portion of outstanding unclaimed funds are transferred to charity each year to support various community and social programs. Over the past two decades, a handful of countries have also put dormant funds to work to address social issues, notably the UK, Ireland, and most recently Japan. Japan launched its first […]

Found Money For a Fee? Protect Yourself Against Unclaimed Property Scams

The email may look legitimate and the message is enticing: An individual purportedly representing a government agency or law firm has identified you as the rightful recipient of a tidy sum of money from an outstanding estate or long forgotten funds sitting in a financial institution.  All you have to do is provide them with some personal information, pay an upfront fee, and the money is all yours. Before you […]