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Bank Rip-Offs Revealed - Click
for Video
Whether you are
looking for yourself or administering a deceased estate, there are
3 types of Lost Money which you could be owed:
-
Banking Money:
-
Life Policy Money:
-
Company Money:
This covers money from Banks, Credit Unions, and Building Societies
If you have a bank account upon which no transaction has been performed for a period of 7 years, and it contained a balance of $500 or more, the funds in the account are automatically transferred to the Department of Treasury’s Unclaimed Monies Fund. Once this occurs, no interest is payable upon the balance transferred, but you can still retrieve it.
This covers money from Life Insurance Companies and Friendly Societies.
If you had a life insurance policy which has matured and you did not claim the money within 7 years of maturity, the policy funds should have been transferred to the Commonwealth Government.
If you had shares in a company that was taken over by another, and the company was unable to contact you or did not hear back from you, the money from the take-over offer may still be owing to you.
You can search online for all 3 types of lost money via the Australia Securities and Investments Commission website:
http://www.fido.asic.gov.au/fido/fido.nsf
email: unclaimed.money@asic.gov.au
If you find unclaimed money via ASIC’s search facility, you will need to lodge your claim with the institution with whom it was deposited to get it back. If that institution is no longer operating, ASIC’s website provides a list of institutions which are now responsible for the accounts of former institutions.
ASIC’s website also details how far back in time their search will cover for each money type, as well as contact details for the relevant state and territory bodies which may be holding money which falls outside of the scope of their search.
See also our article on: Finding Lost Superannuation
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