Terry Halifax
Northern News Services

Inuvik (June 14/02) - There are a thousands of Inuvik dollars sitting unclaimed in a federal bank.

The Bank Act requires all financial institutions to turn over money from dormant accounts to the Bank of Canada, who will hold those funds for a minumum of 10 years.

The following individuals and organizations have money in the Bank of Canada, and may not know about it: Name: Inuvik Jehovahs Transferred to Bank of Canada: $161.63 Last transaction date: 1988/7/18 Transfer date: 1998/12/31 Status: Unclaimed Outstanding balance: $161.63 Name: Inuvik Aviation Coun. Transferred to Bank of Canada: $2,220.18 Last transaction date: 1976/11/9 Transfer date: 1986/12/31 Status: Unclaimed Outstanding balance: $2,220.18 Name: Inuvik Bldg. Payee: 79525 HOLDINGS LTD Transferred to Bank of Canada: $1,234.50 Last transaction date: 1981/9/9 Transfer date: 1991/12/31 Status: Unclaimed Outstanding balance: $1,234.50 Name: Inuvik Basketball Association Transferred to Bank of Canada: $53.25 Last transaction date: 1984/3/21 Transfer date: 1994/12/31 Status: Unclaimed Outstanding balance: $53.25 Name: Inuvik Home Manage Transferred to Bank of Canada: $378.41 Last transaction date: 1984/3/26 Transfer date: 1994/12/31 Status: Unclaimed Outstanding balance: $378.41 Name: Inuvik Womens Group Transferred to Bank of Canada: $618.69 Last transaction date: 1988/8/26 Transfer date: 1999/12/31 Status: Unclaimed Outstanding balance: $618.69 Name: Inuvik Liberal Association Transferred to Bank of Canada: $1,169.23 Last transaction date: 1990/10/12 Transfer date: 2000/12/31 Status: Unclaimed Outstanding balance: $1,169.23 Name: McCarthy Vincent Payee: Inuvit Housing Authority Transferred to Bank of Canada: $1,167.23 Last Transaction Date: 1991/4/25 Transfer date: 2001/12/31 Status: unclaimed Outstanding balance: $1,167.23 Name: Soapstone Inuvik Transferred to Bank of Canada: $810.09 Last transaction date: 1991/5/7 Transfer date: 2001/12/31 Status: Unclaimed Outstanding balance: $810.09 Name: Aklavik Womens Institute Transferred to Bank of Canada: $871.34 Last transaction date: 1979/3/1 Transfer date: 1989/12/31 Status: Unclaimed Outstanding balance: $871.34 Name: Trapper Training Transferred to Bank of Canada: $277.21 Last transaction date: 1989/3/21 Transfer date: 1999/12/31 Status: Unclaimed Outstanding balance: $277.21 Name: Tuktoyaktuk Broadcasting Association Transferred to Bank of Canada: $18.44 Last transaction Date: 1982/11/3 Transfer date: 1993/12/31 Status: Unclaimed Outstanding balance: $18.44

Harry Ivey, operations manager for the Bank of Canada, says the bank will hold some accounts indefinately but smaller amounts will eventually go into the government coffers.

"We are required to hold balances of $500 and less for 10 years and balances over $500 we are required to hold indefinately," Ivey said.

If monies are not claimed after 10 years, the Bank of Canada turns them over to the Receiver General, who puts the money into the federal government's general revenues.

The found funds are not only from dormant bank accounts, but also from certifed cheques that were never cashed.

"At the time you purchase a cheque, your account is debited," Ivey explains. "That cheque remains outstanding on the books of the bank where it was purchased, so after 10 years they transfer those funds to us."

In the case of certified cheques or bank drafts, the person who issues the cheque may also reclaim the funds, if they are not claimed after 10 years.

There are forms that can be filled out and printed at the site. The completed forms are taken to the bank where the funds were initially held or drawn from.

"The bank will still have your signature card on file," he says. "Just go in and say 'Hey it's me.' and they'll ask, 'Where have you been for 10 years?' "

The bank will guarantee the signature and mail the forms off the the Bank of Canada, who will issue a cheque.

If the bank no longer has your signature on file, Ivey says claimants should gather any bank correspondence, bank books or other evidence that ties them to that account.

In the case of a deceased relative or loved one, the executor or beneficiary of the estate may claim the money.

"We will require a copy of the will to prove the beneficiary, and if it's over $5,000 it would have to be probated with the executor of the will," he says. "They also have to prove the deceased was the owner of the account."

With a dissolved company or organisation, the province or territory may seize the funds if left in a dormant account, but the funds can be accessed by former executive of the association.

"We'd need a letter to see who the signing officers are on the account," says Ivey.

The largest account the bank now holds has a balance of over $400,000 and the oldest is one held from 1900.

"It's amazing what people will forget about. Sometimes it's hard to believe that they have forgotten, but it really happens."

You can search for lost funds or file a claim at the Bank of Canada web site at: http://ucbswww.bank-banque-canada.ca