Did you know there is around $1.1 billion in lost shares, bank accounts and life insurance across Australia?
Basically, unclaimed money is money from lost bank accounts, shares, investments and life insurance policies that becomes lost when you move house and forget to update your details with a financial institution or company.
Unclaimed money goes to ASIC and is transferred to the Commonwealth of Australia Consolidated Revenue Fund.
The good news is unclaimed money is available to be claimed, at any time, by the rightful owner and there is no time limit on claims.
Bank accounts become unclaimed after 7 years if the account is inactive (no deposits or withdrawals). Life insurance policies become unclaimed 7 years after the policy matures and is not claimed.
So how do you get your slice of this $1.1 billion pie?
There are three key places you can look.
Search ASIC
There’s more than $1 billion in unclaimed money held by ASIC. Think you may have unclaimed money? Here’s what to do:
- Do a quick online search on ASICs Money Smart website
- Found lost money? Make a note of the Original Transaction Number (OTN) for each lost account (you’ll need it in step 3)
- Lodge a claim with the relevant financial institution
Search for deceased estates
State governments hold unclaimed money from deceased estates. You will need to contact the public trustee in the state where the money is held. Here are contacts for each state:
- ACT: Public Trustee and Guardian for the ACT
- New South Wales: NSW Trustee and Guardian
- Northern Territory: Northern Territory Office of the Public Trustee
- Queensland: Public Trustee of Queensland
- South Australia: Public Trustee South Australia
- Tasmania: Public Trustee Tasmania
- Victoria: State Trustees Victoria
- Western Australia: Public Trustee Western Australia
Search for dividends and other money
State governments hold unclaimed money from share dividends, salaries and wages, cheques, trust money, over-payments and proceeds of sale, to name a few.
Contact the following government agencies for unclaimed money such as dividends, salaries and wages, rent and rental bonds, cheques, trust money, over-payments, principal and interest, expenses, refunds, deposits, premiums, royalties, commissions, creditors, debentures, bonds, convertible notes and proceeds of sale.
Your state government agency may not hold all types of money listed above.
- ACT: Public Trustee and Guardian for the ACT
- New South Wales: Revenue NSW
- Northern Territory: Northern Territory Treasury
- Queensland: Public Trustee of Queensland
- South Australia: SA Department of Treasury and Finance
- Tasmania: Tasmanian Department of Treasury and Finance or phone (03) 6166 4188
- Victoria: State Revenue Office Victoria
- Western Australia: WA Department of Treasury
