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Fax: 07 5452 7301
Email: nathan@ffsolutions.com.au
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ASIC urges Aussies to check for unclaimed money AISC is urging Australians to check if they have lost or unclaimed money, with approximately $2.7 billion waiting to be reunited with its rightful owners.
. The regulator said many people may be unaware they have lost money owing from old bank accounts, shares or insurance policies.
Unclaimed money typically arises when people lose contact with financial institutions or investment companies after moving house, changing their name, or forgetting about an account over time.
Unclaimed money is held by ASIC when banks, insurers and companies are unable to return funds to their owners after seven years.
In some cases, the money has remained unclaimed for decades, with records dating back to the 1950s. There is no deadline to make a claim, meaning you can search and claim at any time.
The largest single amount currently unclaimed is around $1.3 million.
Any claims related to old bank accounts under $500 should be made with the bank. Any unclaimed amount more than $500 sits with ASIC.
Even smaller amounts can accumulate over time, with interest payable on some unclaimed money from 1 July 2013 onwards.
You can search for unclaimed money using the free Moneysmart unclaimed money tool.
The process involves:
In most cases, making a claim requires:
Where documents are missing – particularly for older accounts – alternative options may be available to help verify claims.
In addition to money held by ASIC, state and territory governments may also hold unclaimed funds, including wages and salaries, share dividends, and proceeds from estates and trust accounts
Australians are encouraged to check all jurisdictions where they have lived or worked.
With no deadline and no cost to search, checking for unclaimed money is a quick and simple step that could return funds people didn’t realise they had.
Anyone who has previously held a bank account, shares or insurance policy – or has moved house or changed name – is encouraged to do a quick search using the Moneysmart tool.
Keeli Cambourne
May 19, 2026 smsfadviser.com |
