The goal to reunite New Brunswickers with money they are owed has paid out $2.1 million from hundreds of businesses reporting more than $35 million in unclaimed property, according to the Financial and Consumer Services Commission.
“What we’re talking about here is monetary property,” Marissa Sollows, director of communications and public affairs at the commission, said on CBC’s Shift.Â
“Credit balances, security deposits, over-payments or refunds … investment accounts.”
The commission, which launched the FundsFinderNB website, is now urging businesses to do their part and report unclaimed property, which can now be dated back as far as 2014.  Â
She said a person, a partnership, an incorporated company, an association, a credit union — can be a “holder of unclaimed property.”Â
Sollows said this property could also include amounts payable under life insurance contracts and pension plans, but it doesn’t include real estate, furniture, animals, vehicles or any physical property.Â
She said property is considered unclaimed once the account or property has been dormant for three years or more.Â
Businesses are required to report any unclaimed property worth $100 or more once they’ve tried to make contact with the owner.Â
Once the attempt has failed, the business can use an online tool to report it.Â
“If they have fewer than 10 properties to submit, there’s an easy online form,” said Sollows. “And then for larger submissions we have some different technology that they can use … something that can accept a spreadsheet.” Â
New Brunswick businesses have a few weeks to look for unclaimed property in their books and report it, so that people can find money they may have forgotten. We checked in with Marissa Sollows at the Financial and Consumer Services Commission.
Sollows said reporting of this property cannot be done on paper.Â
Businesses are required by law to review their books each year to search for unclaimed property during the program’s reporting period, which is now until March 31, she said.
