More than $100,000 belonging to Yellowknife residents, businesses and organizations is sitting unclaimed in accounts with the central Bank of Canada.
When an account has been inactive for 10 years and the owner can't be contacted, the balance is transferred to the Bank of Canada every year on Dec. 31. It is held there until it might be claimed and collected.
The Bank's Unclaimed Balances Portal can be searched for free, and a casual search using the terms “Yellowknife” or “NWT” reveals dozens of unclaimed accounts in Yellowknife, with balances ranging in value from a few dollars to almost $50,000.
At least two balances exceed $15,000: A total of $46,119.10 belongs to Constitutional Alliance NWT Research Act, which last used its account in 1991; and $17,724 is sitting in the account of 5800 NWT Ltd, whose account was last used in 2008.
A few other amounts might raise eyebrows: Third YK Group Committee's $8,733 is resting in an account not used since 2009; YellowknifeHome Builders Assoc has $7,953 unclaimed in its account last used in 1991; and $7,688 belongs to Sport YK, which hasn't used its account since 1996.
Alongside some of the amounts are some with unusual names: The YK Speed and Mud Boggers Association has $416 unclaimed; the Skydive YK Bearachute Club has $358; and the The YK Pepsi Guzzlers has $410.
If people find a balance they believe is theirs, the website will help them process their claim.
As of Dec. 31, 2019, there were more than two million unclaimed balances across Canada worth $888 million, the bank stated on its website.
Last year the bank paid out $8.5 million to balance holders and most balances – 93 per cent – were worth less than $1,000.
The bank pays interest for the first 10 years on balances are held if they were put in interest-bearing savings accounts before their transfers. Other deposits and instruments don't earn interest.
Under the Bank Act, federally-regulated banks and trust companies are obligated to send written notification after two, five and nine years of account inactivity.
If the balance holders don't respond the balances are transferred to the Bank of Canada as an unclaimed balance.
Balances exceeding $1,000 are held for 100 years, after which they're passed on to the Receiver General of Canada.
Individuals' names and addresses are allowed to be listed in the database under the Privacy Act, as doing so "clearly benefits the individual to whom the information belongs."
The oldest balance is from 1900.