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, a credit union will consider an amount unclaimed:
- 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 credit union will handle an unclaimed balance as follows:
- 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 CUDGC
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 record of ownership for that balance, to support authentication of entitlement in the event of a claim
- Records of all balances remitted to the Corporation will be retained for 25 years from the date of acceptance
- The Corporation will dispose records of ownership for unclaimed balances in accordance with Canada Revenue Agency record keeping rules
Using our online search tool, you can search the Corporation’s unclaimed balances records for a personal or business/organization member or customer.