What are Unclaimed Balances?
Unclaimed Balances, are monies in a bank account that has not been accessed or collected for an exceptionally long span of time. If it’s an account, it can be in the form of a savings account or chequing/current account. If it's a deposit, it can be a credit card balance, term deposit, guaranteed investment certificate (GIC) or depository receipt. And if it’s a negotiable instrument, it can be a bank draft, certified cheque, official cheque, money order or a traveller's cheque.
When there has been no owner activity in relation to the balance for a period of ten years, and the owner cannot be contacted by the institution holding it, the balance is turned over to the bank and financial institutions which acts as custodian on behalf of the owner.. But if in case the balance remains unclaimed until the end of the prescribed custody period, Bank and Financial Institutions will transfer the unclaimed funds to the Receiver General for State.
To learn more about the process for recovering an unclaimed balance, please see us today..
We would love to discuss further details with you!
Thanks for sharing very helpful information. I found another money recovery lawyer in delhi, site , they provide very helpful services.
ReplyDeleteVery informative and well-written. Thank you for taking the time to put this together unclaimed funds
ReplyDelete