You could have a share in $1.2 billion of unclaimed money!
ASIC today supported the call by the Hon Kelly O’Dwyer MP, Minister for Small Business and Assistant Treasurer, for Australians nationwide to do a quick and free search on ASIC’s MoneySmart website to see if a share of $1.2 billion of unclaimed money is theirs.
‘There are more than a million records of unclaimed money from dormant bank accounts, life insurance, shares and other investments waiting to be claimed,’ Peter Kell, ASIC’s Deputy Chairman said.
‘Unclaimed money is transferred to the Commonwealth after it’s been unclaimed usually for seven years. The unclaimed money is managed by ASIC, it’s always claimable by the rightful owner and there’s no time limit on claims. Last financial year, over $158m was paid out to more than 25,000 people,‘ Mr Kell said.
There are vastly different amounts of forgotten money waiting to be claimed ranging from a few dollars to over a million. The approximate amounts of money available in unclaimed bank accounts, life insurance policies and shares broken down by State and Territory are:
State/Territory | Bank accounts | Life insurance policies | Shares & other investments |
New South Wales | $208m | $26m | $153m |
Victoria | $128m | $16m | $59m |
Queensland | $65m | $10m | $38m |
Western Australia | $47m | $5m | $26m |
South Australia | $18m | $5m | $12m |
ACT | $7m | $1m | $6m |
Northern Territory | $5m | $0.6m | $3m |
Tasmania | $5m | $1m | $2m |
‘It’s free, quick and easy to use ASIC’s MoneySmart website to search for your name or family and friends, just visit moneysmart.gov.au,‘ Mr Kell said.
Once a person has found unclaimed money using ASIC’s MoneySmart online search, they need to contact the relevant bank or other financial institution where the money is held if the money is listed as ‘banking’ or ‘Once a person has found unclaimed money using ASIC’s MoneySmart online search, they need to contact the relevant bank or other financial institution where the money is held if the money is listed as ‘banking’ or ‘life insurance’. The institution will assess and lodge a claim with ASIC. ASIC aims to process claims within 28 days of receiving all necessary claim documentation and release the funds back to the institution. If the record found is listed as ‘company’ they need to go to ‘claim money from shares and other investments’ on ASIC’s MoneySmart to find out how to claim. life insurance’. The institution will assess and lodge a claim with ASIC. ASIC aims to process claims within 28 days of receiving all necessary claim documentation and release the funds back to the institution. If the record found is listed as ‘company’ they need to go to ‘claim money from shares and other investments‘ on ASIC’s MoneySmart to find out how to claim.
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