There are more than a million individual records of unclaimed money from dormant bank accounts, life insurance, shares and other investments waiting to be claimed by the rightful owners. After seven years, any unclaimed money is transferred to the Commonwealth and managed by ASIC.
ASIC is keen to reunite people with their unclaimed money. There are no time limits on claims. In 2016, more than 16,000 people made successful claims with $87 million paid out.
There is $1.1 billion of unclaimed money nationally as listed below by state and territory.
Figure 1: Unclaimed money held by ASIC by State and Territory, approximate amounts (rounded), April 2017.
You may find you have unclaimed money if you:
If you find unclaimed money using ASIC’s MoneySmart online search you will need to contact the relevant bank or other financial institution where the money is held. The institution will assess and lodge a claim with ASIC. We aim to process claims within 28 days of receiving all necessary claim documentation and release the funds back to the institution, which will then be paid to you.
The approximate amounts of money available in unclaimed bank accounts, life insurance policies and shares broken down by State and Territory are set out in this table:
|State / Territory||Bank accounts||Life insurance policies||Shares & other investments|
|New South Wales||$200m||$25m||$154m|
If you find you have unclaimed money, you can utilise ASIC’s MoneySmart financial calculators and apps to make the most of your money and achieve your financial goals.
More information is available on ASIC’s MoneySmart unclaimed money infographic.
Greg Medcraft is Chairman of the Australian Securities and Investments Commission