Australia Markets open in 1 hr 16 mins

Big money remains unclaimed by Australians

Yahoo!7 Finance

The Australian Securities and Investment Commission (ASIC) reports its unclaimed money database now holds a record $677 million of missing money.

Even after $56 million was re-united with rightful owners over the past 12 months, the database has still managed to grow by $40 million since 2011.

ASIC reports show that $330 million of the unclaimed money sits in unused bank accounts, $295 million from shares and a further $52 million in life insurance policies.

Among the parcels of unclaimed money waiting to be recovered are $992,750 in a dormant bank account in Carlisle, WA, $195,268 from a deregistered company in Gilston, QLD and $286,165 from a matured life insurance policy in Camberwell, VIC.

‘You might not know it yet, but you could have thousands of dollars sitting in an old bank account, shares, or a life insurance policy,’ said ASIC Commissioner Peter Kell.

Checking for unclaimed money is free and simple. Just head to the Australian government’s MoneySmart website and enter your details into the search box.

If unclaimed money is found, there are further identity checks which take place before the money can be released to an individual or a beneficiary.

‘Until you look, you’ll never know if you or your family have unclaimed money,’ said Mr Kell.

Think you might have some unclaimed money? Join the conversation on Facebook.

New South Wales has the most unclaimed money, followed by Victoria and overseas accounts. The state-by-state breakdown is as follows:

State        Amount   
NSW         $271,235,859   
VIC            $142,527,547   
QLD           $75,986,934   
WA            $53,411,935   
SA             $24,350,907   
ACT           $10,935,940   
NT             $6,578,211   
TAS           $6,404,681   
Overseas    $85,900,934

Related: Top ways you're getting ripped off