There are around 1.3 million records of unclaimed money from dormant bank accounts, life insurance, shares and other investments waiting to be claimed by its rightful owners.
Our MoneySmart website provides guidance on how to find unclaimed money. In the last financial year, more than 25,000 people made successful claims with $158.4 million paid out.
You may find you have unclaimed money if you:
Bank accounts become unclaimed after 7 years if the account is inactive (e.g. no deposits or withdrawals). Life insurance policies become unclaimed 7 years after the policy matures and is not claimed.
After 7 years, any unclaimed money is transferred to the Commonwealth and managed by ASIC. This money can be claimed by its rightful owner with no time limits on claims.
How much unclaimed money is available?
There is $1.2 billion of unclaimed money available in inactive bank accounts, life insurance policies and shares waiting to be claimed, as listed below by state and territory. (Mobile users, swipe left to view the table.)
|State / Territory||Bank accounts||Life insurance policies||Shares & other investments|
|New South Wales||$208m||$26m||$153m|
Use ASIC’s MoneySmart website to search for unclaimed money
The MoneySmart website also provides information on how to make a claim. If the record you locate is listed as ‘banking’ or ‘life insurance’ you will need to contact the institution who originally provided the unclaimed money (e.g. your bank) to make your claim. If the record you locate is listed as ‘company’, you will need to go to to the ‘claim money from shares and investments‘ on ASIC’s MoneySmart website.
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 help achieve your financial goals.
Greg Medcraft is Chairman of Australian Securities and Investments Commission