Community money sitting unclaimed

Nearly $20,000 of Terrace community organizations’ money will be going into the federal government’s coffers if they are left unclaimed.

One such example is an account opened under the name of the Swimming Pool Fund at the Royal Bank of Canada in Terrace.

The last transaction dates back to Feb. 2, 1993 and currently has a whopping $16,671.45 balance.

The Bank Act authorizes the Superintendent of Financial Institutions to publish the information about all unclaimed balances of $100 or more, once they have become inactive for nine years.

If still unclaimed after the 10th year, the balances are then handed over to the Bank of Canada.

These balances are held by the Bank of Canada on behalf of the owner for a period of 10 years.

The Swimming Pool Fund was transfered to the Bank of Canada on Dec. 31, 2003, nearly 11 years later.

Some of the additional unclaimed Terrace balances include: Terrace Soccer Club – $129.21; Terrace Association of People With Disabilities – $111.77; Terrace Justice Council – $476.49 and the Terrace JuJitsu Club – $157.79.

The Bank of Canada maintains custody of all balances of $500 or more indefinitely, however, balances under $500 are kept for 20 years from last transaction date.

In 2003, it was announced that the Bank of Canada was holding $227 million in unclaimed money with the oldest balance dating back to 1900.

Just Posted

TDCSS to end on-campus daycare service

NWCC committed to finding licenced provider to fill space

Terrace teen honoured at Commonwealth writing competition

Ariadna Sullivan among 12,000 entrants vying for top awards

VIDEO: Researchers rely on drones to survey aftermath of B.C. wildfires

UBC researchers are using aerial drones to study the historic 2017 wildfires in the province

Rent continues to rise in Prince Rupert, drops in Terrace

A report from Canadian Mortage and Housing Corporation shows the average rent has risen by $132

Cops targeting risky behaviour, auto crime

Holiday campagaigns aim to keep roads safe, valuables protected

REPLAY: B.C. this week in video

In case you missed it, here’s a look at replay-worthy highlights from across the province this week

Family suspends search for missing Alberta couple, plane near Revelstoke

Due to bad weather, families of missing Albertan couple say they will resume in the spring

Canadian grocers make $3M per year from penny-rounding: UBC study

Ottawa announced plans in 2012 to phase out the copper coin

Sagmoen neighbours recall alleged hammer attack

Woman was screaming outside Maple Ridge townhouse in 2013

B.C. anti-hate campaigner finds Google search on his efforts redirects to porn

Text from online news article about Cran Campbell being used to link to suspect websites

‘The Last Jedi’ opens with $220M, 2nd best weekend all-time

As anticipated, the movie fell shy of the opening weekend for J.J. Abrams’ 2015 franchise reboot

2 couples tie the knot in Australia’s 1st same-sex weddings

West Australian couple Anne Sedgwick, Lyn Hawkins have been together for 40 years

B.C. concert promoter bans Nazi symbols at shows

A man was witnessed making a Nazi salute during a heavy metal show at Pub 340

Most Read