Unclaimed bank balances in Canada: how to find and claim forgotten money
Old student accounts, a chequing account from a city you moved away from, a GIC a grandparent opened for you: forgotten money is more common than people think. Here is how the unclaimed balance rules work in Canada, a calculator that shows where a dormant account sits on the timeline, and how to search for money that has already moved to the Bank of Canada.
On this page
Dormant account timeline calculator
Where is your forgotten account on the timeline?
| Step | When |
|---|
Based on FCAC's description of the rules for federally regulated banks and trust companies: notices go out in January after 2, 5 and 9 years of inactivity, and the balance moves to the Bank of Canada in January of the year after the 9-year notice if you do not act. Dates are estimates; your institution's notices are what count.
What makes a balance unclaimed
FCAC explains it in one line: if you do not use certain financial products for 10 years, federally regulated financial institutions consider the balance unclaimed, and they must transfer it to the Bank of Canada. The Bank of Canada's Unclaimed Properties Office lists which products a bank or trust company may transfer.
"Inactivity" means no transactions you started and no contact with the institution about the account. Many people reset the clock without thinking about it, by logging in and moving even a small amount, or by answering the institution's letter.
The 2, 5 and 9 year notices
Before any transfer, your institution must try to reach you in writing, at the last address it has on file, after:
| Inactivity | What happens |
|---|---|
| 2 years | First notice, sent in the January after you hit 2 years |
| 5 years | Second notice, sent in the January after you hit 5 years |
| 9 years | Final notice: says the balance will go to the Bank of Canada and explains how to claim it once it does |
| 10 years | If you have not used the account or contacted the institution by the end of that year, the balance is sent in January of the next year |
FCAC's own example: an account unused for 2 years as of July gets its first notice in January of the following year. The weak spot is the address. If you moved and never updated it, every notice can go to a mailbox you no longer check. That is why money ends up unclaimed even though the rules require three letters.
What the Bank of Canada does with it
Once transferred, the Bank of Canada keeps the money for the owner:
- Balances of less than $1,000 are held for 30 years.
- Balances of $1,000 or more are held for 100 years.
You, or the estate of someone who has died, can claim it during that time through the Bank of Canada's Unclaimed Properties Office. Fees are not the issue here: the issue is forgetting. A small account with a monthly fee can also shrink to zero long before it ever reaches the 10-year mark, which is why our hidden bank fees guide suggests checking old accounts, not just current ones.
Worked example: the student account
Leila opened a student chequing account in another city, used it last in July 2016, and forgot it had about $640 left after she moved.
- 2 years of inactivity: July 2018. First notice: January 2019.
- 5 years: July 2021. Second notice: January 2022.
- 9 years: July 2025. Final notice: January 2026.
- 10 years: July 2026. If she does nothing by the end of 2026, the balance goes to the Bank of Canada in January 2027.
- Because $640 is under $1,000, the Bank of Canada holds it for 30 years: until about 2057.
Right now, in October 2026, Leila still has until the end of the year to log in, make a transaction or call the bank, which resets the clock and keeps the money where it is. Or she can close the account and move the money; our guide to closing a bank account walks through it.
How to search and claim
- Go to the Bank of Canada's Unclaimed Properties site and search your name, plus any former names.
- Search the names of family members who have died, if you are handling their estate.
- If you find a match, follow the claim steps on the site. Expect to prove your identity, and for an estate, your authority to act.
- If the account has not reached 10 years yet, it is still at the institution: contact it directly with your ID.
The search is online and you can run it yourself. Be wary of anyone who contacts you offering to find unclaimed money for a fee; you can do it yourself.
Credit unions and other products
The 10-year transfer to the Bank of Canada applies to federally regulated banks and trust companies. Most credit unions are regulated by their province, so their dormant account rules are set provincially; ask your credit union what happens to an account it cannot reach you about. Deposit insurance works differently there too, as our credit union deposit insurance guide explains.
Options people compare
| Option | What it changes | Watch for |
|---|---|---|
| Use the account once | Resets the inactivity clock | A monthly fee may still be draining it |
| Close it and move the money | One less account to forget | Pre-authorized debits still linked to it |
| Update your address and email | The 2, 5 and 9 year notices reach you | Every institution you have ever banked with |
| Search the Bank of Canada list | Finds money already transferred | Search former names and spelling variations |
These are options to understand, not recommendations. More tools are on our calculators page.
How to find unclaimed bank balances in Canada
- List every bank, trust company and credit union you have ever had an account with, including student and joint accounts.
- For accounts that may be under 10 years inactive, contact the institution with your ID and ask for the balance.
- For older accounts, search your name and any former names on the Bank of Canada's Unclaimed Properties site.
- Search the names of relatives who have died if you are handling their estate.
- Follow the claim steps for any match, with proof of identity or of your authority to act for an estate.
- Update your address and email with every institution you still use so future notices reach you.
Questions people ask
How long before a bank account is considered unclaimed in Canada?
FCAC says federally regulated financial institutions consider a balance unclaimed after 10 years without use, and must transfer it to the Bank of Canada.
Will my bank warn me before my money goes to the Bank of Canada?
Yes. The institution must write to you at your last address on file after 2, 5 and 9 years of inactivity. Notices go out in January after each period, and the 9-year notice says the balance will be transferred.
How long does the Bank of Canada keep unclaimed money?
Balances of less than $1,000 are held for 30 years. Balances of $1,000 or more are held for 100 years.
How do I check if I have unclaimed money in Canada?
Search your name on the Bank of Canada's Unclaimed Properties site. If the account is not yet 10 years inactive, contact the financial institution directly.
Can I claim a dead relative's unclaimed bank balance?
An estate can claim a balance through the Bank of Canada's Unclaimed Properties Office. You will need to show your authority to act for the estate.
Do credit union accounts go to the Bank of Canada?
The Bank of Canada transfer applies to federally regulated banks and trust companies. Most credit unions are provincially regulated, so ask your credit union about its rules.
How do I stop my account from becoming dormant?
Use it or contact the institution about it. Any activity or contact resets the inactivity clock. Keeping your address up to date makes sure the notices reach you.
Looni reads the accounts you connect and lists every fee and every quiet balance in one place, so nothing drifts toward a 10-year letter. Read-only, no advice.
Sources
Financial Consumer Agency of Canada, Unclaimed bank balances (10 years without use, transfer to the Bank of Canada by federally regulated institutions, written notices after 2, 5 and 9 years sent in January, July example, transfer in January after the 9-year notice year, holding periods of 30 years under $1,000 and 100 years at $1,000 or more; page modified March 2026), and the Bank of Canada Unclaimed Properties Office (products that may be transferred, search and claims). The example is illustrative; the dates are our arithmetic from the FCAC rules.