The other day, I received a letter from a bank, asking what I wanted to do with $49 in a long-forgotten, dormant account.
This was a pleasant surprise, since I thought the account had been drained years ago after I switched lenders.
But it got me thinking: How much money do I have parked in various apps and accounts that is largely forgotten and being ravaged by inflation?
I began to investigate.
I found leftover euros, British pounds, Mexican pesos and U.S. dollars – all rattling around in a box with our passports.
I’m not including these in my grand total of “found” money, though, because these funds are relatively liquid. And in a shoebox.
I’m also excluding various subscriptions, where I pay month-by-month, because there is no money sitting around in these accounts.
I’m ignoring rewards cards, too, because they don’t hold real money (although I did discover through this investigation that I’m one purchase away from a free pint of ice cream at our local Ed’s Real Scoop).
Everything else counted.
I know that there is at least one lingering gift card – a virtual card, and so easily forgotten – that I gave to my partner a couple of years ago, valued at $200 at a local spa (lesson learned). It’s in an e-mail somewhere.
More annoyingly, I’m aware of money wasting away on several Toronto transit cards.
Not long ago, I commuted every day. Now, I don’t. But I have five physical transit cards and two online accounts (long story) that are currently holding over $100 combined.
Most of that money is sitting in cards that I cannot activate, despite numerous attempts and calls to customer service (another long story).
I also have two obsolete New York MetroCards, which expired in 2023, and two London “Oyster” public transportation cards from Britain.
My understanding is that this is dead money until I return to either city. I don’t know how much I have on these cards – despite my efforts, I couldn’t check the balances online – but I’d have to guess the equivalent of about $10 on each, or $40 total.
Now let’s look at the more pernicious money-suck, apps. For the ones that I use regularly, balances are not a problem. For those that I use only occasionally, or not at all, I run the risk of leaving money behind.
A standout in the latter category: Starbucks.
For years, I was a regular customer, so it made sense to use the app for ordering ahead and collecting “stars,” or loyalty points. When my balance fell below a certain threshold, the app would automatically hit my credit card for more funds, which was helpful.
Not any more, though. I haven’t used the app since October. My “stars” have expired and I have $33.60 sitting in the account.
I disengaged the automatic reload. Then, I had a choice: Delete the account and get a cheque mailed to me or spend down the balance.
I’m leaning toward the second option. Anyone want a latte?
My myriad EV charging apps are a more complex issue. There are many of them and some can only be used outside of my home province of Ontario.
I charge my electric vehicle at home most of the time, where no app is required. But on long trips, I’m a desperate customer at public charging stations that operate under different brands. More trips, more apps.
I was somewhat relieved to discover that just three of these accounts have balances, for a combined total of about $47.
Still, that’s real money. Add it to the rest of the money unearthed during this investigation – which I completed, off-and-on, over the course of a day – and I have $469 just sitting there, causing me grief.
Well, $420 now. I took the $49 out of the dormant account, and spent it.
What’s buried in your couch? Let me know at dberman@globeandmail.com.
Chart of the day
New research that caught my eye
Morningstar ran a screen for the best-performing exchange-traded funds in January, and the 10 top Canadian-listed funds include some surprises. First, the best performer is an equal-weighted base metals fund, taking some of the glory from gold. Second, funds that track the energy sector also made the list. And third, wow, is that a clean-energy ETF at No. 6?
