Banks tell 2 Ontarians too much time has passed to cash decades-old cheque, GIC

Two Ontarians who recently found unclaimed money from decades-old investments were told by their banks there were no records of them in their systems.

“The woman at the bank said I was looking for a needle in a haystack,” Linden Griffiths, of Scarborough, told CTV News Toronto.

Griffiths said his mother passed away 24 years ago, and he and his brother were executors of her will. But, at that time, Griffiths missed an important document.

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“It’s an oversight on my part because I did not realize that there was a (Guaranteed Investment Certificate) that was left for me. My mother never told me about it,” said Griffiths.

He said he found out about the GIC two years ago in his mother’s will, worth $8,628, but when he went to TD Bank, his bank, Griffiths was told there was no record of it.

“She told me she can’t find any trace of a GIC there. I felt distraught because I know I did not get that GIC,” said Griffiths.

Nancy Lau of Markham said she was going through some old documents and found an uncashed Registered Retirement Savings Plan (RRSP) cheque for $2,621. Lau said she was going to school in Texas at the time in 2002.

Lau took the 22-year-old cheque to her bank, but was also told too much time had passed.

“I just saw a cheque and it was dated 2002, and I know I was in Houston,” said Lau. “I feel they just want to keep my money and it’s an excuse to keep my money.”

Lau banks with RBC, which also said no documents related to her case could be found.

Usually, banks hold on to financial documents for seven to 10 years. After a decade, if a product is not used, it is considered an unclaimed balance and transferred to the Bank of Canada.

But, Lau and Griffiths could not find their funds there.

“Cheques are considered stale-dated after six months unless it is a certified cheque. A stale-dated cheque means the item is old, and not necessarily invalid,” the Canadian Bankers Association said. “Financial institutions may still honour these items, but there is no obligation to do so.”

Lau says she still wants her money: “They shouldn’t keep my money and say my money disappeared. How did it disappear?”

Griffiths also feels he should get his funds.

“I feel somewhat angry because that’s money that my mother laboured for, her hard-earned labour and I have no intention of leaving it to the bank,” Griffiths said.

There are limitations on when to withdraw money from your RRSP or Guaranteed Investment Certificate (GIC). You may want to see if you have any “unclaimed balances” on Bank of Canada’s website, to ensure there’s no money you may have forgotten about.