Australia markets closed

    +43.30 (+0.60%)

    +0.0028 (+0.35%)
  • ASX 200

    +42.40 (+0.60%)
  • OIL

    +0.09 (+0.14%)
  • GOLD

    -0.20 (-0.01%)

    +13.34 (+0.02%)
  • CMC Crypto 200

    +69.93 (+5.84%)

The app that helps Aussie uncover missing $481 million

Lucy Dean
·2-min read
Male person holding some Australian currency. This visual concept evokes ideas around saving money, paying for expenses and investments.
(Image: Getty).

Commonwealth Bank customers have used the bank’s app to locate $481 million in lost, unclaimed or overcharged bills over the last year. 

The bank said its Benefits finder digital feature has had more than 1 million individual claims since it launched September 2019 with 695,000 claims issued since the beginning of the COVID-19 pandemic.

The service connects customers with more than 270 benefits, and rebates including the Pandemic Leave Disaster Payment, NSW’s Dine and Discover scheme, SME government guaranteed loans and the COVID Land Tax Relief. 

Customers are required to answer four questions that help the app know which benefits they may be eligible to claim. Then, the app connects users with alerts about relevant relief, benefits and rebates with details on how much they may be able to claim and how to claim them. 

“Digital adoption is accelerating and we want to build really deep, trusted personal relationships with customers by differentiating and offering global best digital experiences and technology,” said CommBank chief digital officer Fredrik Lindström.

“This more readily helps customers find benefits and rebates that they may be eligible for – ultimately to help put more money back into budgets for households and businesses.”

What are Australians claiming?

These are the most popular claims: 

  • Unclaimed money (506,972 on a federal and state level)

  • Unclaimed super (67,228)

  • Power saver bonus (58,124)

  • Jobseeker related payments (31,256)

  • Family tax benefit (26,587)

  • Rent assistance (29,863)

  • Family energy rebate (26,038)

Most claims have come from NSW, where 397,290 people have issued claims.

  • NSW (397,290)

  • Victoria (291,121)  

  • Queensland (206,301)  

  • Western Australia (105,450)  

  • South Australia (76,830)  

  • Australian Capital Territory (21,736)  

  • Tasmania (17,158)  

  • Northern Territory (8,741)

I’m not with CommBank. How else can I claim lost money?

There are several other ways to find and claim lost money. 

According to the Government’s Moneysmart service, there is around $1.1 billion in lost shares, life insurance and bank accounts that are yet to be claimed.

Curious Australians can use its portal to see if there is any money tied to their name. 

The Australian Tax Office also lets Australians search for lost superannuation through MyGov and the Fair Work Ombudsman may also hold unpaid wages in your name.

State by state, here’s where you can also look for unclaimed cash:

ACT: Public Trustee and Guardian for the ACT

NSW: NSW Trustee and Guardian

Northern Territory: Northern Territory Office of the Public Trustee

Queensland: Public Trustee of Queensland

South Australia: Department of Treasury and Finance

Tasmania: Department of Treasury and Finance

Victoria: State Revenue Office Victoria

Western Australia: Department of Treasury

Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.

Image: Yahoo Finance
Image: Yahoo Finance