How to Keep Your Money from Becoming Unclaimed

Tips for individuals

Money and monetary property can become lost due to lack of communication between companies and owners. You should contact institutions that hold your money every year, especially if you changed address or marital status. Keep accurate financial records, and record all insurance policies, security investments as well as rent and utility deposits.

Here are some tips on how to prevent your money from becoming unclaimed:

1. Record all security investments and be sure to cash all dividend cheques received.
2. Record all utility deposits, including telephone, cable and electricity deposits.
3. Prepare a check list of all accounts to be notified when you change your address.
4. Respond to legitimate companies requesting confirmation that you want to keep your account active.
5. If you change your name and/or address due to marriage, divorce or other legal action, notify your:
   1. Broker
   2. Credit card issuer
   3. Employer
   4. Life and health insurance contact
   5. Mortgage lender
   6. Lawyer
   7. Acccountant and/or investment manager
   8. Safe deposit box holder
6. Notify your business contacts of your address change when you move.
7. Cash all cheques promptly upon receipt, no matter how small.
8. Leave a forwarding address with your employer before leaving a job.
9. Check in with your former employer within six months after leaving a job to ensure you have received all of your paycheques.
10. Have a well-prepared will.

Tips for Non-Profit Organizations

Running a non-profit organization can be rewarding but it comes with unique challenges, especially when it comes to keeping track of finances.  Things like turnover among volunteers and board members can lead to a loss of institutional knowledge and impact long-term planning.

Did you know that every year, hundreds of thousands of dollars go unclaimed in New Brunswick, forgotten in credit union accounts, uncashed cheques, security deposits and more?

These simple tips can help your organization stay on top of its finances to avoid money or monetary property becoming forgotten.

1. Review your finances regularly. Set aside time to check your organization’s accounts and records to ensure money or monetary property doesn’t become “unclaimed property.” Document financial processes so new team or board members can follow them easily.
2. Appoint a money manager to keep track of all revenue coming in. Ask a board member, staff or volunteer to oversee your organization’s finances. Record grants, donations and investments in one place, including details like origin, terms and deadlines. Cash all cheques promptly when they are received.
3. Know what your organization owns. Look for assets like refunds, dividends or old investments that may have been forgotten. Consult fundsfindernb.ca and search for unclaimed property under your organization’s name.
4. Keep your contact information up to date. You should contact institutions that hold your money every year, especially if your address changes – for example, when someone new steps into the role of treasurer. It’s a good practice to keep a list of all contacts to be notified when your organization changes its address.

Money and monetary property can become lost due to lack of communication between companies and owners. Taking small steps to keep your organization’s finances and contacts up to date can help prevent your money from becoming unclaimed. And by searching fundsfindernb.ca, you might even uncover money your organization didn’t know it had!