The following is information on collecting monies in abandoned or dormant accounts:
The Canadian Gazette, which is a federal government publication, releases information yearly from Canadian banks regarding dormant accounts and unclaimed monies. Consumers can obtain this information for themselves from the Canadian Gazette which is available in a main public library or a university library. Each listing shows which branch of the bank has the inactive account. After one year, the monies go to the Bank of Canada, and one can check with the Unclaimed Balances section of Bank of Canada, 234 Sparks Street, Ottawa, ON K1A 0G9.
There are companies who will contact the consumer, offering to retrieve lost monies for a fee. That fee can be as high as 50% of the amount found. Consumers should be aware that that information is available for free through either the Canadian Gazette, or the Bank of Canada. If you are contacted by one of these "tracing" companies, take the letter to your bank manager or to the Bank of Canada, Unclaimed Balances Section, before signing anything. If you do not sign up with these companies, you do not owe them anything if and when the money is recovered.
The above information was provided by The Calgary Herald article Forgotten Accounts Total Millions, dated June 25, 1995.