Over the weekend, I steam cleaned my sofa - a long overdue chore that I kept putting off. Upon removing the cushions, I discovered about $6 in loose change which was a pleasant surprise. That made me think of how much money we may have, but may not know or remember where we put it. I had a girlfriend who used to leave money all over the place and then forgot where she put it, only to find it months or even years later. She would find it in books, drawers, pockets, cupboards, boxes and files. To her, it was 'found' money, so she was a happy camper when she made the discovery. I, on the other hand, thought it to be poor money management on her part. But who was I to be so judgmental?
It made me think of the numerous bank accounts I had opened (and closed) in the past 30 years and whether I had left any money behind in forgotten, dormant accounts. I do recall one account that had a few dollars and I could not muster enough energy or enthusiasm to close the account and retrieve my hard-earned cash - I'm certain that there was less than ten bucks in it.
Lo and behold, I am not alone. Apparently, the Bank of Canada has almost $300 million in forgotten cash in dormant accounts - the largest amount is over $400,000. So, how does one forget almost a half million dollars, or fails to take the initiative to claim their money? If typical ratios hold true, then in the US, it must be over a few billion dollars in unclaimed money. In my brief time working in the investment industry, I've seen more than a few dormant mutual fund accounts with over $50,000 in them, so I know that these are not isolated instances. I, like most average Joes, would certainly know if my portfolio were missing fifty grand.
I now endeavour to check my pockets, drawers and files for missplaced cash, or I'll try these websites below:
Canada
www.bank-banque-canada.ca
United States
www.missingmoney.com
Either that, or steam clean my sofas more often.
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