Forgotten accounts hold millions of dollars in unclaimed cash.
Yacht rigger and sailing trainer Tony Dillon has moved about a bit, so he wasn't surprised to learn there was money in two bank accounts he'd lost track of over the years.
He'd closed the accounts when he moved to Hamilton Island in 2001 but some last-minute payments had bumped them up again to a handy amount of about $3000.
Back in Sydney, he received a call from the Australian Securities and Investments Commission last year saying it believed he was the rightful owner of some "unclaimed money".
All he had to do was prove the accounts were his and within 10 days a cheque would be in the mail.
He found a 1999 tax return - which he is pleased he kept - displaying the address that was on the bank accounts, then he lodged his claim with that and another proof identity.
As promised, he was paid within 10 days. But it was in one hand and out the other: he used the windfall to pay a tax bill. ASIC says its database of unclaimed money - in bank accounts, shares and life insurance policies - rose $40 million in the past year and now stands at a record $677 million.
That includes the nearly $1 million sitting unclaimed in a dormant bank account we told you about last year.
The owner gave an address in the Perth suburb of Carlisle when they opened the account but ASIC hasn't been able to track them down.
In the upmarket NSW suburb of Double Bay, $811,375 is awaiting someone. In the less-wealthy suburb of Matraville, $642,301 is available from a deceased estate.
In Melbourne, $718,151 is going begging. It relates to a trust's shareholding in AWB Ltd, the grains marketing group that was sold to a Canadian company.
NSW has the most parcels of unclaimed money - nearly 550,000 totalling $271.2 million. Victoria follows with 196,879 totalling $142.5 million.
Nationally, the average parcel of money is $671, while in NSW it's $591 and in Victoria it's $724. WA has the highest average at $791 - boosted by that $1 million account.
The 6 per cent increase in unclaimed money over the past year makes it worth checking the ASIC database again even if you've done it before. It can be searched via the MoneySmart website (moneysmart.gov.au/tools-and -resources/find-unclaimed-money).
All you need to do is type in your name. If you're the executor of a deceased estate, it's also a good idea to check the register.
Money is generally deemed to be unclaimed after seven years - for example, when a bank account hasn't been touched, payments have stopped on a life insurance policy or dividend cheques are returned to sender.
The financial institution involved then registers the money with ASIC.
It is held on trust for as long it takes to find the owner. Some parcels have been held for decades.
Superannuation money that becomes separated from its owner is administered separately by the Australian Taxation Office, which has a search service at ato.gov.au/superseeker.
Key points
- Generally, money is deemed unclaimed after seven years.
- Sums of up to $1 million await their rightful owners.
- Nationally, the average sum available is $671.
- Last year, Australians were reunited with $56 million.
Frequently Asked Questions about this Article…
What counts as unclaimed money in Australia and how much is held by ASIC?
Unclaimed money in Australia generally includes dormant bank accounts, uncollected share payments and dividends, and life insurance payouts that haven’t been claimed. According to ASIC’s register, the database recently rose by about $40 million and now stands at a record $677 million.
How can I search for unclaimed money in Australia (ASIC unclaimed money search)?
You can search the ASIC unclaimed money register via the MoneySmart website (search for 'find unclaimed money' on moneysmart.gov.au). All you usually need to do is type in your name; executors of deceased estates are also encouraged to check the register.
What documents do I need to claim unclaimed money from ASIC?
Proof that links you to the old account is required—examples in the article include an old tax return showing the address used on the account plus another form of photo ID. In the example given, once identity was proven the claimant received payment within 10 days.
How long before money is considered unclaimed in Australia?
Money is generally deemed unclaimed after seven years. Common triggers include a bank account that hasn’t been touched, payments stopping on a life insurance policy, or dividend cheques being returned to sender; the financial institution then registers the funds with ASIC.
Which Australian states hold the most unclaimed money and what are the average parcel sizes?
New South Wales has the most parcels—nearly 550,000 parcels totalling about $271.2 million. Victoria follows with 196,879 parcels totalling about $142.5 million. Nationally the average parcel is $671; in NSW it’s about $591, in Victoria about $724, and Western Australia currently has the highest average at $791 (partly boosted by a nearly $1 million account).
Are there large sums waiting to be claimed by owners?
Yes. The register includes large parcels of money: examples in the article include a nearly $1 million dormant bank account linked to a Perth address, $811,375 in Double Bay, $642,301 from a deceased estate in Matraville, and $718,151 related to a trust’s AWB Ltd shareholding in Melbourne.
What should I do about lost or separated superannuation (lost super) versus ASIC unclaimed money?
Separated or lost superannuation is handled separately by the Australian Taxation Office. You can search for lost super using the ATO’s SuperSeeker service at ato.gov.au/superseeker rather than the ASIC unclaimed money register.
Why is it worth checking the ASIC unclaimed money register regularly?
ASIC’s register grew by about 6% over the past year, so new parcels turn up regularly and some funds have been held for decades. Last year Australians were reunited with $56 million, so checking periodically—even if you’ve searched before—can reunite you or an estate with forgotten cash.
Call 1300 880 160
Start a chat
Schedule a call
