$1.1 billion of unclaimed cash left dormant in shares, bank and insurance accounts – is some of it yours?

Some people have just a few dollars unclaimed while others have more than one million


ASIC aims to give public $1.1 billion in unclaimed money. Is some of it yours?

by Melissa Jenkins   27 April 2016  Australian Financial Review

You could be a lot richer than you think.

Australians are being urged to check if they have a share in $1.1 billion of unclaimed cash left dormant in shares, bank and insurance accounts.

After seven years, the untouched money is transferred to the Commonwealth.

A quick search of the Australian Securities and Investments Commission (ASIC) MoneySmart website will reveal if any of the unclaimed cash is yours.

ASIC's tool was experiencing high traffic when the AFR tried it at 7am AEST on April 27.
ASIC’s tool was experiencing high traffic when the AFR tried it at 7am AEST on April 27. ASIC

“There are more than a million records of unclaimed money from dormant bank accounts, life insurance, shares and other investments waiting to be claimed and we’re keen to reunite people with their money,” ASIC deputy chairman Peter Kell said.

Cash may also be unclaimed if a person stops making payments on a life insurance policy or fails to claim a mature policy.

Last year, more than $87 million was paid to more than 16,000 people, Mr Kell said.

Some people have just a few dollars unclaimed while others have more than one million.

Once a person has found unclaimed money using ASIC’s MoneySmart online search, they should contact the relevant bank or financial institution where the money is held if the cash is listed as banking or life insurance.

The institution will assess and lodge a claim with ASIC, which will then process the claim and release the funds.

Unclaimed cash by state or territory

  • NSW: $380 million
  • VIC: $197 million
  • QLD: $112 million
  • WA: $75 million
  • SA: $35 million
  • ACT: $15 million
  • NT: $9 million

Source: ASIC

Original article here

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