Unclaimed Balances are the unclaimed credit union member and customer amounts that have been submitted to Credit Union Deposit Guarantee Corporation by Saskatchewan credit unions.
Pursuant to subsection 71(1) of The Credit Union Act, 1998, and subsections 10(1) and 11(1) of The Credit Union Regulations, 1999:
- after two years of inactivity on a member or customer amount, and
- the member or customer’s address is unknown after the credit union has made all reasonable efforts to ascertain it
the amount is considered an unclaimed balance and:
- if under $50, the credit union may add that amount to its income from operations
- if between $50 and $5,000, the credit union shall place the amount in a special reserve fund
- if more than $5,000, the credit union shall pay the amount to the Corporation
Credit union member and customer amounts submitted to the Corporation as unclaimed balances are administered in accordance with its Unclaimed Balances policy, which requires that:
- the Corporation maintain a corporate record of unclaimed balances and their ownership, to support authentication of entitlement in the event of a claim
- records of all balances submitted to the Corporation be retained for 30 years from date of receipt or until claimed
- the Corporation dispose of records of unclaimed balances and their ownership once the retention period has been satisfied.
Using our online search tool, you can search the Corporation’s unclaimed balances records for a personal or business/organization member or customer.