$1.1 billion of ‘forgotten money’ – is it yours?

There is over $1.1 billion of unclaimed cash sitting in Australian bank accounts, shares and life insurance policies. And it could be yours.

“We’re keen to reunite people with their money,” declared Australian Securities and Investments Commission’s (ASIC) deputy chairman.

The individual sums of forgotten money are as massive as $1 million, or, at the other end of the spectrum, just a few measly dollars.

New South Wales and Victoria have the largest unclaimed sums – to the tune of $577 million, in total, followed by Queensland and Western Australia.

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If you’ve moved house without letting the bank or the institution know, stopped making payments on a life insurance policy or were an executor of a deceased estate, you may have cash you never knew about.

There is over $450 million languishing unclaimed in Australian bank accounts (with balance over $500) and $309 million in unclaimed investments, ASIC figures show.

If regular dividend or interest cheques have stopped coming or you have not made a transaction on a cheque or savings account for seven years you could also be the rightful owner of unclaimed cash.

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In 2016, over $87m was paid out to more than 16,000 people.

“Unclaimed money is transferred to the Commonwealth after it’s been unclaimed usually for seven years. The unclaimed money managed by ASIC is always claimable by the rightful owner with no time limit on claims,” ASIC’s Peter Kell said.

Head to ASIC’s MoneySmart website to search for your name or family and friends at moneysmart.gov.au.