UNCLAIMED BANK BALANCE BOND
What is an Unclaimed Bank Balance?
An Unclaimed Bank Balance can be a deposit, negotiable financial instrument, or Canadian bank account issued by a federally regulated bank or trust company. In the instance these types of accounts or monies haven’t been in use, no activity has been performed in the related account for a period of 10 years or more, or no contact can be established with the owner by the concerned financial institution, the balance is transferred to the Bank of Canada. That balance is called an Unclaimed Bank Balance.
What is unclaimed Bank Balance Bond?
An Unclaimed Bank Balance Bond serves as indemnification for the bank on behalf of yourself; once provided, the funds will be released to you.
A client requesting this bond needs to contact the Bank of Canada and request a SCHEDULE A form. This will detail the information pertaining to the account in question. A letter from the Bank of Canada requesting the bond, along with a completed application for bonding, must be forwarded to the broker to approve and issue.
In the instance the monies or account(s) held by the Bank of Canada is part, or whole of an estate-in-settlement, a certificate of appointment from the executor in-trust will also be required to approve and issue the bond.