This was a little surprising as I recently got a mail from one of the banks I have some savings fund in as they appeared to offer one of the better interest rates. With that in mind, my thought was to simply dump some funds in there and not touch it unless I really had to. So I was a little surprised where the letter was essentially saying it’s been awhile since there was any activity in the account and if I don’t reply by X amount of days they will simply freeze/close it.
That must be one inconvenience if someone truly did want to simply set it and forget it. At the same time, it makes me wonder if banks actually have a lot of unclaimed funds because of something like this. Upon further research, apparently this rule is true for investment plans here too like a tax-free savings account (TFSA). Kind of silly if I don’t say so myself and that’s not a detail I even thought about when choosing a bank. Live and learn.