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The other day, I received a letter from a bank, asking what I wanted to do with $49 in a long-forgotten, dormant account.
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This was a pleasant surprise, since I thought the account had been drained years ago after I switched lenders.
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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?
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I found leftover euros, British pounds, Mexican pesos and U.S. dollars – all rattling around in a box with our passports.
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I’m not including these in my grand total of “found” money, though, because these funds are relatively liquid. And in a shoebox.
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I’m also excluding various subscriptions, where I pay month-by-month, because there is no money sitting around in these accounts.
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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).
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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.
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More annoyingly, I’m aware of money wasting away on several Toronto transit cards.
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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.
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Most of that money is sitting in cards that I cannot activate, despite numerous attempts and calls to customer service (another long story).
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I also have two obsolete New York MetroCards, which expired in 2023, and two London “Oyster” public transportation cards from Britain.
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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.
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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.
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A standout in the latter category: Starbucks.
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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.
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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.
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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.
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I’m leaning toward the second option. Anyone want a latte?
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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.
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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.
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I was somewhat relieved to discover that just three of these accounts have balances, for a combined total of about $47.
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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.
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Well, $420 now. I took the $49 out of the dormant account, and spent it.
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| Canadians need a personal finance flight plan
The C.D. Howe Institute writes an open letter to Canada’s artificial intelligence overseers: “AI should be treated as a support tool, not a replacement for human professionals: it can help flag opportunities, propose options, and provide guidance, but the final judgment must remain in human hands.” | | |
| Global equity pulse: Japan’s compelling caseFranklin Templeton spells out its bullish case for Japanese stocks, as corporate reforms in the country drive greater profitability, along with ongoing buybacks and dividend increases. The best part: Despite record highs, thanks to the so-called Takaichi trade, the stocks are still cheap relative to other developed markets. | | |
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