Unclaimed Money

I know this sounds like a clickbait article. But a few months ago we stumbled across this Australian government website that keeps track of lost money from things such as shares, superannuation and life insurance. We spent a few moments searching the site and found a relative of ours actually had $4765.05 in lost shares. By filling out their form and providing ID linking them to the money they got it all back. Not bad at all for 30 minutes of work.

In fact, the website claims there is around $1.1 billion in lost shares, bank accounts and life insurance. The best thing is the search is free and easy.

The search is available from the Australian Government Money Smart Website. Which is a website we often recommend for all things financial education.

Here’s the Link.

What is unclaimed money?

Unclaimed money is money from lost bank accounts, shares, investments and life insurance policies. This money becomes lost when you move house and forget to update your details with a financial institution or company.

Unclaimed money received by ASIC is transferred to the Commonwealth of Australia Consolidated Revenue Fund. It is available to be claimed at any time by the rightful owner and there is no time limit on claims.

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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.

For all things personal finance checks out our Personal Finance 101 article.

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