The Bank of Canada is holding over $620 million in unclaimed balances from lost or forgotten bank accounts.

After 10 years, if a bank has no action on a savings or deposit account, certified cheque, travelers cheque, or anything that has been drawn from a federally regulated bank in Canada, it will be transferred to the Bank of Canada where it will sit for up to 100 years.

Senior Director of Communications at the Bank of Canada, Jeremy Harrison, said that the length of time the money is held depends on the bank balance.

"If it is under $1000 we would hold it for an additional 30 years, so a total of 40 years between the bank and the Bank of Canada before it gets paid over to the Receiver General, the Federal Government. If it is over $1000 we'll hold it for an additional 100 years."

Harrison said the oldest account still sitting in the Bank of Canada was transferred in 1944 and still has another 28 years to be claimed by a family member.

Claiming your money or a deceased family members money can be done by searching the Unclaimed Balances at The Bank of Canada website, and filling out the payment authorization form.

Credit Union accounts do not get transferred to the Bank of Canada, to search for a Credit Union Account, visit the Credit Union Deposit Guarantee website.