DO YOU KNOW WHERE YOUR MONEY IS?
It’s hard to imagine someone loosing track of their money and assets especially when that asset is cash sitting in a bank account.
I don’t know about you but I know where all of our money is and if I happened to forget a bank account loaded with money I’d be shocked.
While I was reading an article on Yahoo I was not shocked to find out that Canadians have billions of dollars in unclaimed money. I know, hard to believe but it’s true.
One guy had two accounts totalling $677,000 that he forgot sitting in a Royal Bank. Ya, like that’s going to happen to me. Not likely, but it sure would be an oh nice I forgot I had that money moment in my life, lol.
The Bank of Canada is holding one billion dollars with no one stepping up to claim it. I’m here, over here….. ya right. It’s not me, that’s for sure.
Track your bank account
Since we budget and do a net worth update every month we know exactly where our money is but not everyone does. We do have different bank accounts at certain banks however we aren’t using the accounts for savings. One bank account is merely a line of credit and another an RRSP catch up account my wife opened years ago.
If you don’t track where your cash is you might just lose sight of it. If you have aging parents and you don’t know where their money is you might find it’s easy to overlook bank accounts with cash if they pass away or can’t remember any longer. It’s not uncommon to have people who prefer online bank as well so it’s easy to forget that you have bank accounts if you don’t use them often.
Paperless billing and bank statements make it a struggle as well because out of sight, out of mind. Emails can get lost or sent to junk mail or email accounts abandoned that are attached to a bank account. These are just some ways you might forget you have cash in a bank account.
The post came at the right time because just last week I was laughing at a friend of mine who just moved to the same city as us earlier this year. He told us that he opened a new bank account and started a new job and life got a bit hectic for him.
Just last week he remembered that he had an old bank account that he forgot he opened with just over $1000 sitting in it. The only reason he remembered was he was unpacking some bits and bobs around the house and in a box was a bank statement or passbook (I forget) which triggered the memory.
It’s people like him who forget that they have money sitting around and why there is billions in unclaimed money.
Checking for unclaimed money
You can go straight to the Bank of Canada website to check if you have any unclaimed money. I bet you’d be thrilled to find out you did or maybe saddened that you don’t. To be honest I’d be happy if I didn’t because that means I’m managing my money properly. If you find that you have money sitting around you may want to find ways to know where your money is, how much you have and manage it so it doesn’t happen again.
At the end of December 2013, approximately 1.4 million unclaimed balances, worth some $532 million, were on the Bank’s books.
So, if you have a bank balance the Bank of Canada after ten years of inactivity and the ten years is up they will hold unclaimed balances for a further 40 years until they prescribe it. They will only prescribe balances under $1000.
So if you plan on moving makes sure you forward your address with Canada Post. If you are someone who doesn’t like to talk about their finances at least create a will or have something documented so those taking care of you will know where to look for cash that you have stashed at bank or important life insurance policies.
Have you ever found out that you have cash in a bank account that you forgot about or just didn’t know you had?
CBB at home and the blog
Well I must say that I had a lovely vacation with the wife spending time in neighbouring towns enjoying what they had to offer in terms of tourist attractions and food. We love to check out food and drink while we are exploring Ontario although we don’t always order something. What we love is going for walks looking at houses and properties to see what the homeowner has done to them.
I particularly enjoy looking at older homes which differ from those back in the UK. I will admit I’m a bit particular about our property and make sure that I keep it in tip-top shape.
When back at home we’ve worked hard to keep the grass green and the garden flowing with herbs, flowers and shrubs. It’s amazing what a bit of effort will do when you put time into your landscaping and gardening. As I look around our neighbourhood there are many properties that could use a facelift which would certainly make the home stand out.
Cleaning up a front garden doesn’t have to cost lots of money either. One guy around the corner has had bags of mulch laying all over his property for nearly three weeks now. I sure hope he realizes he needs to take the mulch out of the bags for it to be effective, lol.
Let’s give the guy a break though it took him 2 weeks to get new sod off of his driveway. Who buys sod and leaves it to die? I’m afraid to see what his back garden looks like. I’m not laughing I’m scratching my head because money can be wasted when people buy things they are not prepared to use right away that need to be used.
Now it makes me wonder why his neighbour is selling their house. They keep their property pristine and I can understand not wanting to live next to someone who keeps their house looking like a dump when you put lots of effort into your own.
Big news is on the way for CBB!! I’m not letting the news slip just yet but it does mean there will be some changes around here. One change may be the PF Grab a brew post and the Saturday weekend review post will be joined. For those of you who have emailed me about Katrina, yes she is still with CBB. She is currently working out of town for the summer but will be back with us sharing her adventures very soon!!
Other than that…. I’m keeping busy around the house. Now that I have the full vanity sets for both bathrooms I must proceed with the renos.
We recently had a tour through a friend’s house and boy did she shock us with the renovations they did. My wife was telling me to make note, lol. I knew she was falling in love with it so now I’m pretty sure I can turn this house into our dream home.
I hope you all enjoy your week.
Mr.CBB
Guest posts wanted
If you are a Personal Finance Blogger I’m looking to book High Quality Guest Posts for the months of September and October to help me get through a very busy period. It’s a great way to share your thoughts and the way you write with my fans.
If you are interested please contact me today as spots are filling up. ~MR.CBB
Weekly CBB posts
If you missed any CBB posts from the week here is the list of posts you can catch up on reading!
- How spending money requires time: Our June Budget Update
- Should grocery stores bother having a garden centre? – The Grocery Game Challenge July
- Does buying second-hand leave you out of touch with real prices?
- Cheddar chive biscuits (you have to try this simple recipe)
- Celebrate Canada Day enjoying our beautiful country!
- Is there such a thing as healthy debt?
Fan deals and inspirations
Submit your Brag or Inspiration If you have a brag that you want me to share email me at canadianbudgetbinder (@) [yahoo] [.ca] or fill out my contact form by Friday each week to have your brag considered for the Saturday post.
This week Jen shares what she has found for a birthday party. Although the party has just past this was the final garage sale shop of a few over the past few weeks.
- Flexible aluminum tubing (for my basement) and grey adaptor for a radio we already own: $1
- Mittens: $.25
- Pizza cutter: $.50
- Two Aeropostal t-shirts, Aero sweater, flowered skirt and khaki toddler hat (not in picture): $5 (they were asking $7)
- Dumb Diary books (bought for my friends daughters birthday gift): $1 (they were asking $1.50)
- Playtex bottle liners: $.50 (they were asking $1)
- Child’s watering can, hose spray nozzle, toy truck with mini cars: $1 (they were asking $1.10)
- Guitar and remote control car: Free
Making a difference
If you know a personal finance blogger that is making a difference and want to nominate them please send me an email canadianbudgetbinder (@) yahoo.ca so I can reach out to them for a feature story.
Note: If you are a blogger who gives back and would like to be featured by all means get in touch with me as I am filling spots up for the rest of 2014 and they are going quickly.
Today my mate Mr. SFZ (Starting From Zero) is here to tell you all about his blog!!
Hello Mr. CBB and Canadian Budget Binder readers!
I’m Mr. SFZ, a 21-year-old investor blogging about my journey to financial independence at Starting from Zero. I started investing in individual stocks in last year and started SFZ in February 2014 after being inspired by some of the many great personal finance bloggers out there that chronicled their individual journey’s to financial independence and retirement.
So, a little about myself; I grew up on the east coast, one of two kids to middle class parents in a small town. My parents instilled financial discipline in me at a young age, always encouraging me and my brother to save birthday/gift money and eventually earnings from summer jobs. After graduating high school I joined the Air Force where I currently work today. When not writing here, I enjoy hanging out with friends, working out, playing guitar, and biking.
As I set about learning to invest, I really had no clue what I was doing or what my goals really were. I knew I needed to save for retirement and the basics of what an IRA was but as far as what type of mutual funds or stocks, I didn’t really know.
After experimenting with some individual stocks, I eventually happened onto the Dividend Growth Investing community at SeekingAlpha.com. I immediately knew that this was the right investing strategy for me and began researching stocks in my spare time and have focused on building up a portfolio of quality dividend growth stocks ever since so that I can someday live off the dividends it produces.
My goals for blogging about my journey to financial independence are two-fold. First I want to use it as a way to track my progress and keep me motivated on this journey by interacting with others pursuing similar goals of retiring early. Second, I hope to be able to possibly inspire others to learn more about investing and take control of their financial future.
As my readers can see, I’m doing this all with a relatively low-income, proving that anyone can choose to pursue an early retirement or simply a more secure retirement if they are willing to put in the work to focus on saving a large percentage of your income and then focus on buying quality assets that provide you with a stable cash flow.
What is a blog carnival?
Some fans have asked me “what is a blog carnival?” so a little explanation is due here for anyone reading for the first time or for my long-time fans.
A blog carnival is where a blog or website hosts what we call a carnival of blog posts from around the web. Most blog carnivals have a theme and certain rules for submitting which must be followed.
If you are a blogger and would like to learn what blog carnival directories I submit to each week you can find the information in a previous Saturday Weekend Review post that I wrote.
Carnival glory
If you don’t see your blog it’s likely because I don’t know that you shared my post so send me an email to let me know.
Thanks to those bloggers who take the time to share my posts with their fans.
Your kindness is always remembered. ~Mr.CBB
Carnivals
- Carnival of Money Pros- On Better Terms
- Financial Carnival for Young Adults– Financial Nerd
- Yakeezie Carnival– Save and Conquer
Google search terms
Every week I get thousands of people visit Canadian Budget Binder because they did a search online and found my blog. Keep in mind any spelling errors below are because I share with you the exact way they typed their search engine query to land on my blog.
- Can I eat the food from Dollarama?– I’m still alive… try it you might like it 🙂 I’m sure it will be fine. Like anything else check expiry dates.
- Is it bad to travel when you have OSAP loans?– Yes, the travel police might come after you. It’s your choice really. If you want to pay off your student loan debt fast then do what you need to do. If you budget your money you should be fine.
- How to keep pests of the lawn– Charge them rent… lol. It’s not easy trust me.
- How to ask a man to grill something for me: Can you grill something for me please? Not that difficult!
- Rob Ford personal finance– Ya, like you’re going to find that here. This has to be the best search ever!!
Thanks for joining me for this edition of The Saturday Weekend Review #79. Join me here again for more crazy stories from around the web and at home!
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Related articles
- The Saturday Weekend Review #71: Should you negotiate prices at garage sales?
- The Saturday Weekend Review #72: Would you give back 40K that you found in a Thrift Store couch?
- The Saturday Weekend Review #73: Does the scent of a business play with your nose and wallet?
- The Saturday Weekend Review #74: Grandma baby shower another gift for your budget
- The Saturday Weekend Review #75: Have you ever been double-billed for services?
- The Saturday Weekend Review #76: Do wedding events shake up your budget?
- The Saturday Weekend Review #77: First day of summer and family activities
- The Saturday Weekend Review #79: Celebrate Canada Day and enjoy our beautiful country
Laurie @thefrugalfarmer says
Oooh, can ‘t wait to hear what the big news is!!! You sound like Rick regarding the yard and keeping it looking good. 🙂 Yeah, I can’t imagine ever forgetting any money I had coming to me. 🙂 Happy Monday, Mr. CBB!
Mr. CBB says
Yes, I’m a bit protective of the front gardens with all of the work I put into it. I don’t want to see our money flushed down the toilet. You see some homeowners spend a fortune to fix up their house and landscaping and just leave it to fall apart. What a waste! Yup…. news is on the way.. stay tuned!
Thomas @ Best Credit Cards Canada says
Thanks for that Bank of Canada link, I had no idea that existed. Alas there is no money waiting for myself or anyone in my family. It’s pretty cool that you can search any name though. I did search a couple of random people and they have quite a bit of hidden treasure there.
Mr. CBB says
Were you being nosey Thomas haha…. glad you enjoyed it 🙂 It’s probably a blessing you have no money wasting away.
Will Lipovsky says
That’s so cool you have a variety of popular searches than will land people on your site!
And the US Treasury makes checking for unclaimed money really easy as well. My sister had over $200 sitting somewhere.
Mr. CBB says
Ya, apparently Canada is far behind everyone else when it comes to unclaimed money lol.
Mr. SFZ says
Hey Mr. CBB!
Thanks again for including me in your Making a Difference series, I’m honored to be a part of it.
Glad you had a nice vacation, I’m counting the days down now to mine next month. Like you I can’t imagine losing track of money like the examples listed. That’s just crazy. Even before I started blogging and posting monthly updates, I still kept track of where everything was at, across multiple institutions.
Have a great week!
-SFZ
Mr. CBB says
Thanks for sharing SFZ with my fans. I’m pretty sure most PF bloggers would be shocked that they found lost money but at the same time not all PF bloggers are analytical about their finances. Many blog because they are sharing a journey out of debt or for other reasons. I think the fans would say the same thing… it doesn’t matter who you are you have to track your money, full-stop. Cheers mate.
Christine Weadick says
Way back in the day before all banking was computerized, hubby’s uncle was a truck driver and opened bank accounts in a number of places. This was back when you needed to have an account in that bank before they would cash a check for you. As a trucker he might be paid by check but need to cash that check immediately so get fuel for the return trip or to pay for a meal etc. so he would be who knows where, need to cash that check and he would open an account so he could cash the thing. He likely left a minimum amount in the account to satisfy the banks rules of the day. Whether he went around and closed all those accounts when he retired is the big question there. I have my doubts as he retired because his back couldn’t take the hours and hours behind the wheel anymore. It might be interesting to check his name on the banks site. The dear man is in his 80’s now so who knows.
Mr. CBB says
Wouldn’t that be a nice little (or big) find for him if he did go back to try and find out. Times have changed with banks these days haven’t they Christine?
Nicola Don says
I have to confess that myself and my hubby had forgotten about two life assurance policies we thought had gotten moved into another account to our surprise when we checked them out we have quite a bit (we went through a lot of our boxes that hadn’t been touched since we first moved out of our homes in Aberdeen) this money is now going to be transfereed over to investment accounts here in Canada. Check out all you paperwork even if you think there is nothing there we certaining got a surprise! This definately cheered us up after three months of wondering if we were staying here in Canada or not!
Mr. CBB says
AH ha, see it’s amazing what might be lurking if we aren’t careful. I bet that taught you a lesson Nicola. Now that you are a CBB’er you know that tracking your finances is critical. Even if something were to happen at least the kids and family would know where to look. It’s something we need to think about now as well. I’m happy you both found that 🙂
Kirsten @ Indebtedmom says
Not once, but twice, I’ve had unclaimed money in a checking account. It was 15+ years ago and during my times of moving for college and internships. I’d find myself in a place where my “national” bank wasn’t. I’d open a new account and like the bank and plan to keep using them in my next location, arriving there to find the bank didn’t have a nearby branch. Two accounts got caught in the mix. Sure, I should have known better, but we are also talking a very small amount of cash. Less than $300 between the two. Nice surprise for years later when I was more responsible with money 🙂
Mr. CBB says
That’s what happens when people move and what happened to our friend. Glad to hear you got your money back. Money is money after all, small or large amounts.
Pat Ciulka says
I’m like you MrCBB, I can’t imagine not knowing where my money is!
Mr. CBB says
It would be a nice surprise though to find out you had a few thousand in the bank lol…. Have a great weekend Pat!