In the hustle and bustle of modern life, it’s easy to overlook the little things – like checking if you’re entitled to a share of the staggering $2.3 billion in unclaimed money that’s just sitting there, waiting for its rightful owners to claim it.
That’s right, there’s a treasure trove of forgotten funds out there, and some of it could very well have your name on it!
This isn’t just loose change we’re talking about. The Australian Securities & Investments Commission (ASIC) has revealed that this unclaimed money comes from a variety of sources, including dormant bank accounts, unclaimed shares, forgotten investments, and life insurance policies.
Imagine finding out that a forgotten bank account from your past or an investment you lost track of has been quietly accumulating value. It’s like discovering a hidden inheritance!
So, how does money become ‘unclaimed’? It’s simpler than you might think.
Life takes us on many journeys – we move houses, travel abroad, and sometimes, amidst all the changes, we forget to update our contact details with financial institutions or companies. Or perhaps we’re not even aware that there’s money out there with our name on it. It only takes seven years of inactivity for a bank account or life insurance policy to be considered unclaimed.
But here’s the good news: there’s no time limit for you to claim your cash, and since July 2013, interest has been paid on this unclaimed money.
Once the money is deemed unclaimed, ASIC takes custody of it before it’s transferred to the Commonwealth of Australia Consolidated Revenue Fund. But don’t worry, it’s not lost to you. Claiming your share is a straightforward process, and it’s all about knowing where to look.
To start, head over to ASIC’s Moneysmart website and use their unclaimed money search tool. It’s a user-friendly platform that can quickly tell you if there’s money out there with your name on it. But don’t stop there – the Australian Taxation Office, state governments, and Services Australia also hold records of unclaimed money.
Depending on where you reside, there are additional resources at your disposal.
New South Wales residents can check with Revenue NSW, while Victorians can turn to the State Revenue Office. Queenslanders should consult the Queensland Public Trustee, and those in the Australian Capital Territory can use the Public Trustee and Guardian.
For Western Australians, South Australians, and Tasmanians, your respective Department of Treasury and Finance is the place to inquire. And if you’re in the Northern Territory, the Territory Revenue Office, the Department of Treasury and Finance, and the Public Trustee are your go-to sources.
But why is there so much unclaimed money? It’s a combination of factors – people passing away without leaving clear instructions for their assets, lost paperwork, or simply the passage of time causing us to forget about accounts and policies. Whatever the reason, it’s worth taking a moment to check – after all, it’s your money, and it could be doing much more for you than sitting in a government account.
Take this as a friendly nudge to do a little financial detective work. You might just uncover a windfall that could help with the bills, fund that long-awaited holiday, or add a little extra to your retirement nest egg. And if you do find you’re owed some of this unclaimed fortune, be sure to spread the word to family and friends – they might be in for a pleasant surprise as well.
