Frequently Asked Questions
- What is an Unclaimed Balance?
- What unclaimed balances are held at the Nova Scotia Credit Union Deposit Insurance Corporation (CUDIC)?
- Once I have identified an Unclaimed Balance, that I believe I am entitled to, what steps should I take to recover it?
- What documents besides the claim form do I need?
- How does the claim process work?
- How long will it take to process my claim?
- Is there a fee for checking to see if I have any unclaimed funds?
- Do I have to pay to get an Unclaimed Balance back from the Nova Scotia Credit Union Deposit Insurance Corporation (CUDIC)?
- How long do I have to claim the funds?
- Will I be paid interest on the Unclaimed Balance?
- What is done to find the owners of Unclaimed Balances?
1. What is an Unclaimed Balance?
Unclaimed Balance means a deposit, including any interest, the account for which
- has not had any transactions take place for seven (7) years; or
- has not had a statement of account requested or acknowledged by the depositor for 7 years.
The seven year period referred to in subsection (1) starts from
- in the case of a deposit made for a fixed period, the day on which the fixed period terminated; and
- in the case of any other deposit, the later of
- the date on which the last transaction took place, and
- the date on which a statement of account was last acknowledged by the depositor.
2. What Unclaimed Balances are held at the Nova Scotia Credit Union Deposit Insurance Corporation (CUDIC)?
Unclaimed Balances held at CUDIC are deposits transferred to CUDIC by Nova Scotia credit unions.
Unclaimed Nova Scotia credit union balances are held at CUDIC, which acts as custodian on behalf of the owner, when there has been no owner activity in relation to the account for a period of seven (7) years and when the owner cannot be contacted by the credit union holding that asset.
3. Once I have identified an unclaimed credit union balance that I believe I am entitled to, what steps should I take to recover it?
Follow our claim instructions.
4. What documents besides the claim form do I need?
If the account is in your name, you will need documents proving your identity and connecting you with the account. If you are an heir, or are making a claim in some representative capacity of a company or organization, please contact the CUDIC office. Contact us.
5. How does the claim process work?
When you identify an Unclaimed Balance which you believe you are entitled to, you will have to complete the Payment Request form, which can be downloaded from this site. Take the Payment Request form to a local Nova Scotia credit union branch along with two original pieces of identification. The credit union will complete the verification section and then they will send it to the CUDIC office.
When the completed claim form is received by CUDIC, it will be reviewed and carefully compared with the information on file. You will be contacted if additional information is required. Once all required documentation has been received and the ownership established, CUDIC will pay the claim.
6. How long will it take to process my claim?
CUDIC generally processes and pays a claim within 30 to 60 days from receipt of a claim. Some claims involving estates or organizations may take longer.
7. Is there a fee for checking to see if I have any unclaimed funds?
No. CUDIC does not charge a fee for searching its records.
8. Do I have to pay to get an Unclaimed Balance back from the Nova Scotia Credit Union Deposit Insurance Corporation (CUDIC)?
CUDIC provides this service free of charge. However, you may have to incur legal fees or notary fees to provide legal evidence that you are entitled to the claimed funds.
9. How long do I have to claim the funds?
CUDIC maintains custody of all accounts sent to us by the Nova Scotia credit unions. If a balance is not claimed, it is held in perpetuity.
10. Will I be paid interest on the Unclaimed Balance?
If the account in which the deposit was made required interest to be paid on the deposit, interest will be at a rate of 2% a year from the date the Unclaimed balance was received by the Corporation.
11. What is done to find the owners of Unclaimed Balances?
Credit unions have a legal obligation to send written notification after seven (7) years of inactivity. Additionally, many credit unions mail inactive notices at the end of 12 and 24 months of inactivity.
To help find the owners:
Semi-annually CUDIC publishes in a Provincial newspaper(s) a list of names of the Unclaimed Balances it has been notified about since the date of the previous publication.
CUDIC makes information available to the public without charge by the following:
- Internet at www.nscudic.org
- Mail: Nova Scotia Credit Union Deposit Insurance Corporation (CUDIC), Unclaimed Balances Services
Suite 212, 200 Waterfront Drive, Bedford, NS B4A 4J4
- Fax: 902.492.3695
A request for a search must include the full name of the individual, the addresses of his/her past residences, and the year of death if the individual is deceased.
