In an era inundated with scams involving mysterious princes or easy fortunes 鈥� if you just hand over a few bucks in advance 鈥� you鈥檙e probably right to be wary of anyone offering free money.
But Sherry MacLennan and Lindsey Moore really might have some cash for you, British Columbians. Maybe even millions.
The pair are part of a team of six running BC Unclaimed, recently rebranded from the BC Unclaimed Property Society.
Over the last 20 years, the organization has operated under a government mandate to reunite British Columbians with funds abandoned or forgotten in old bank accounts, with government departments or in the form of unclaimed court payments.
One of the challenges they face is skepticism that what they offer is real.
While the average payout is usually a few hundred dollars, later this month the society expects to finish the paperwork and hand over a record $1.98 million that the claimant did not previously know they owned.
鈥淓very year we advertise, trying to get our name out there so that people know that this service does exist in British Columbia, and that our letters (are) not just some sort of phishing scam trying to get your identification,鈥� said Moore, a co-ordinator with the society.
鈥淲e really do hold your money if you鈥檝e got a letter from us.鈥�
British Columbia is one of four jurisdictions in Canada that have programs to help people find unclaimed money.
In B.C., institutions like banks, credit unions, courts and government bodies are required to hand over funds if they can鈥檛 find the rightful owner after a set period of time.
It鈥檚 then up to the society鈥檚 team to try to track down the owners, with $190 million currently unclaimed in the province.
Using a series of government databases and search engines, they hunt for those who have moved without telling their financial institutions, forgot to leave a forwarding address with an old employer, or are unaware a court is holding money for them.
Last year, the society handed over $1.7 million and since its inception has returned more than $21.5 million.
鈥淓very time I tell people what we do for work, they think, 鈥榃ell, I wouldn鈥檛 forget about unclaimed money,鈥� but hundreds of thousands of people have,鈥� Moore said.
MacLennan, the society鈥檚 executive director, said its letters informing potential beneficiaries have been met with increasing skepticism as financial scams have grown in popularity.
鈥淲e send letters so that they can review them, that they can Google us, that they can do their own research and satisfy themselves that we鈥檙e legit,鈥� she said.
鈥淎nd we always tell people there鈥檚 no urgency, the money will always be there for you. Because we know con artists will sometimes say 鈥極h, you鈥檝e got to decide now and you got to act fast.鈥欌��
The society鈥檚 website includes an online database people can use to see if their name is linked to any money as well as links to the legislation that governs their work, all in an effort to promote their legitimacy.
鈥淚 think when people receive those letters, oftentimes they definitely think that we are a scam,鈥� Moore said.
鈥淚 do notice some people never reply, but then maybe years later they will hear about us on the news and then they鈥檒l make an inquiry through the website and claim their money then.鈥�
Privacy rules prevent Moore and MacLennan from discussing details of the record-breaking $1.98 million set to be returned except to say that the account was held by the courts related to litigation.
They say large sums can be common in legal situations like foreclosures, if money is left over after debts are paid off.
鈥淏ut most people, if they鈥檝e been foreclosed on, or they鈥檝e been sued for debt, chances are they鈥檝e been representing themselves,鈥� MacLennan said.
鈥淭hey don鈥檛 have a lawyer telling them what to do, to go get that money. It鈥檚 emotional, they probably never want to think about the situation again.鈥�
There is at least one more seven-figure windfall out there in B.C., a dormant account holding $1.9 million.
The vast majority of claimants do not, of course, become instant millionaires. But Moore said even a few hundred unexpected dollars can make a difference.
鈥淚 think a lot of elderly people, I would say, can be the most grateful because I think even a small dollar amount can make a big difference if you鈥檙e on the fixed income,鈥� she said.
Legally there is no expiry date for when money can be reclaimed, but every year, the society works with actuaries to decide how much money will likely never find its rightful owner, and instead is donated.
About $55 million of that cash has been donated to the Vancouver Foundation since 2013.
鈥淲hen I see the Vancouver Foundation being able to support organizations that are working with survivors of domestic violence and children who鈥檝e been traumatized by domestic violence, and helping refugees, it really means a lot to me,鈥� MacLennan said.
鈥淎nd it鈥檚 a really good use of those unclaimed funds.鈥�
鈥擜shley Joannou, The Canadian Press
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