Dormant Accounts and Unpaid Office Cheques

Inactive (Dormant) Accounts, Term Deposits and Upaid/Stale Dated Office Cheques

If there have been no transactions on your non-registered chequing or savings account and you have not requested or acknowledged a statement of account for a period of 24 months, or if you do not provide acknowledgement of your term deposit 2 years after the first maturity date, then we will designate your account as inactive.

To reactivate your account or acknowledge your term deposit, simply sign into Coast Online Banking or the Coast Mobile Banking app, call us toll free at 1.888.517.7000 or visit any of our branches.

If there have been no transactions on your account and you have not requested or acknowledged a statement of account for a period of 10 years, or if you do not provide acknowledgement of your term deposit 10 years after the first maturity date, then we will designate your account as abandoned (Escheat).

We will attempt to communicate with you after 2 years, 5 years and 9 years of account inactivity. Service fees may be charged on accounts which are inactive or abandoned. Service Fees. If there are insufficient funds in your account to cover the service fees which are payable by you, we may close the account without notice to you and you will not receive further notices. Canadian dollar accounts which are abandoned will be subject to escheat (this means the deposits becomes the property of the federal government) in accordance with the federal law and transferred to the Bank of Canada. There is a process for reclaiming those deposits by filing a claim with the Bank of Canada.

Unpaid/Stale Dated Office Cheques

Office Cheques (sometimes referred to as money orders or bank drafts) are considered unpaid/stale dated if the item has not been negotiated or cashed after 2 years from the issue date.

We will attempt to communicate with you after 2 years, 5 years and 9 years if the office cheque you purchased continues to be unpaid.

You can retrieve the funds for your unpaid/stale dated office cheque by visiting any of our branches or calling our Contact Centre at 1.888.517.7000 for help. If you have the original office cheque, please bring it with you to the branch. If you do not have the original office cheque, please bring the notice you received to the branch and we can assist you with completing a Bond of Indemnity agreement to retrieve the funds.

If you do not retrieve the funds from the office cheque for 10 years the Bank Act requires Canadian financial institutions to transfer the funds to the Bank of Canada.

For more information on reclaiming unclaimed accounts, term deposits or unpaid office cheques contact the Bank of Canada:

* USD currency accounts/term deposits will only receive a 2 year dormant notice and the annual dormant fee (if applicable) will be charged in USD on the last day of each February. USD currency account balances and term deposits are not transferred to the Bank of Canada.

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Call us at 1.888.517.7000 Mon-Sat, 8am-8pm; Sun, 9am-5:30pm.