At least $3 million in money belonging to north coast residents sits unclaimed in bank accounts, share parcels and the like, according to the Australian Securities and Investments Commission (ASIC).
This year ASIC’s database of unclaimed money has risen to a record $677 million, an increase of more than $40 million from 2011.
And now it is going to be easier to find your missing money as ASIC makes its database of unclaimed money public..
ASIC Commissioner, Peter Kell says, ‘You might not know it yet, but you could have thousands of dollars sitting in an old bank account, shares, or a life insurance policy.’
Go to ASIC’s MoneySmart website to find out. Click on the link to unclaimed money and type in your name. You can even search for family and friends. It’s quick, easy and free. We encourage you to share it on Facebook and Twitter using the hashtag #findmoney. There are huge amounts waiting to be claimed.
‘Until you look, you’ll never know if you or your family have unclaimed money. But if you don’t strike it lucky, remember MoneySmart has other tools to help you save money, such as a budget planner, compound interest calculator and mortgage switching tools’ Mr Kell says.
You may have unclaimed money if you:
- moved without leaving a forwarding address;
- haven’t made a transaction on your cheque or savings account for over seven years;
- stopped making payments on a life insurance policy;
- have noticed that regular dividend or interest cheques have stopped coming; or
- were executor of a deceased estate.
To find any unclaimed money simply log onto ASIC’s free online database at www.moneysmart.gov.au, follow the link to unclaimed money, and type in your name.
If you find some money that you think might be yours, you will need to prove the money belongs to you or that you are the beneficiary. Information on how to make a claim is also available on the MoneySmart website.