Does the Bank of Canada collect personal information about unclaimed bank balances?
The Bank of Canada does not collect any personal information about unclaimed bank balances or their owners, however, that information is transferred to the Bank’s custody from federally regulated financial institutions and is posted on our web site. The Bank Act authorizes the Office of the Superintendent of Financial Institutions to publish (in the Canada Gazette) information about all unclaimed balances of $100 or more, once they have been inactive for nine years at a financial institution. This information includes the account owner’s name, last known address, and balance amount. The purpose is to help people locate balances that may be owed them. If still unclaimed by the end of the tenth year, these balances are then given to the custody of the Bank of Canada, which in turn assumes responsibility for publishing the above information. The Privacy Act s. 8(2)(b) permits the disclosure of personal information when an Act of Parliament so authorizes. It is not necessary to make a form
