Unclaimed money in Australia: More than $1 billion laying dormant

[David48atTD]

Just a heads up to check your financial assets in Australia as there maybe some coin that you are entitled to, but have forgotten about.

More than $1 billion of unclaimed money sitting dormant in forgotten bank accounts, life insurance policies, shares and other investments is up for grabs.
The Australian Securities and Investments Commission (ASIC) said there were more than one million records of unclaimed money, with amounts varying from a few dollars to hundreds of thousands.

"These are accounts that typically haven't been accessed or activated for seven years so they are considered dormant," Miles Larbey from ASIC's Moneysmart said.
"So the money is transferred to the Commonwealth where it's kept safe on behalf of Australian consumers and they can search it at any time."

You can search here to see if you own a share of the unclaimed money held by ASIC.

ASIC said people might have unclaimed money if they had moved house without letting bank or institutions know,
had not made a bank transaction for seven years, had stopped making life insurance payments, had noticed
dividend or interest cheques had stopped coming, or were an executor of a deceased estate.

NSW has the most unclaimed money with approximately $380 million, including $319 million in Sydney.
Here



I got caught up with this.

Mine wasn't lost Super but the Government changed the rules re 'stagnant' Bank Accounts. If a Bank Account hasn't had
a transaction in more then 3 years it is deemed 'dormant and the money is put in the hands of ASIC ... for safe keeping ...

The time frame used to be 7 years, but some time back, the Government changed the rules and only did a bit of advertising.

Do the simple check and if you get some coin back ... buy me a beer ... (insert a beer drinking smilie which sadly, the Forum doesn't offer!)
.

[Chittychangchang]

I know I've got a few thousand dollars in superannuation from 17 years ago.
Fair play to the Aussie government, they send me a letter every year reminding me about it.
Be a while till I can spend it though.
Probably got a few dollars in my king x branch bank as well