You may be richer than you think: database will link New Brunswickers with unclaimed $$
If you're not sure you actually got that damage deposit, insurance payout or refund back, you may soon be able to check with a few clicks.
The New Brunswick Financial and Consumer Services Commission is setting up a searchable database later this year where people can find out about any financial assets they may have and not know about.
The commission describes itself as "an arm's length, self-funded, independent Crown Corporation established by the provincial government."
It's surprising how many people are missing out on things like unclaimed funds or inheritance, said Erin Toole, the commission's director unclaimed property. The estimated figure is in the millions.
"Could be you moved [and left] no forwarding address, you didn't update your addresses with your bank or your investment advisor. You could even have forgotten about an asset," Toole told Information Morning Fredericton.
"It could be refunds you didn't know were issued to you, that the check didn't get to you, or perhaps an inheritance, at some point, that you didn't know you were entitled to."
Database serves companies, too
The database, called FundsFinderNB, is part of a new program under the provincial Unclaimed Property Act that came into effect about a year ago, she said. The database would only include cash that's been unclaimed for three years and would not include real estate, vehicles and bank accounts held by federal financial institutions.
People might think companies would be happy if someone forgot about a refund or payout, as that's money they don't have to give away. But Toole said it's the opposite — businesses are eager to get rid of the cash.
"Unless you're a credit union or bank, you're not in the business of holding property for others," she said. "It's an added worry. It's basically a pain."
She said when a company issues a refund, the money is considered paid out, but customers not claiming that money means the company would have to spend more money to keep it for them.
"They have expenses they have to pay — lawyers and accountants to tell them what to do with this property," she said.
Finding unclaimed funds
Under the new rules, once money goes unclaimed for three years, and it's more than $50, the business will turn it over to the commission. The business would first have to try to contact the customer through letters and emails.They're required to do so once, Toole said, but can try multiple times if they wish.
Last year, the commission asked businesses to start going through their books, finding unclaimed funds and trying to contact the customers. In January of this year, the commission said businesses should now start sending anything that was unclaimed to the commission so it can start building the database.
Meanwhile, Bank of Canada already has a searchable database that covers bank accounts.
Toole said if you've ever lived in Quebec, Alberta or British Columbia, those provinces already have searchable databases set up as well. For former U.S. residents, there's a country-wide database available online.
