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.