Yahoo Finance Aussies urged to claim share of lost $10 billion
Australians have more than $10 billion in unclaimed money, but a popular app is helping users locate their lost cash.
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The number of Australians using the CommBank Benefits finder doubled in March from 39,000 to 78,000 as the coronavirus crisis forced many out of work, the major bank announced on Tuesday.
The finder connects users with more than 200 benefits and rebates through the CommBank app. It launched in September 2019, with more than 500,000 claims now having been launched through the app.
Over March, 34,000 Australians used the app to locate unclaimed money, while 7,000 used it to claim unclaimed super and 6,300 used it to receive the Power Saver Bonus.
Nearly 6,000 Australians used it to access JobSeeker payments, while 2,800 used it to access the Family Tax Benefits and 2,700 used it to access rent assistance.
“The coronavirus crisis has created significant financial wellbeing challenges for our customers,” Commbank group executive, retail banking services, Angus Sullivan said.
“We encourage everyone to see what else they may be eligible for, in some cases customers are missing out on hundreds or even thousands of dollars that could help them through difficult times.”
The app was built with the Harvard Sustainability Transparency Accountability and Research (STAR) Lab, with a goal of returning $150 million to customers’ wallets over the course of the year.
How do I use it?
If you’re with CommBank, you need to download the CommBank mobile app and log in.
Then, hit the icon with the three straight lines in the top left corner and then scroll down to ‘Benefits finder’. You’ll then be prompted to put in your pin, before being directed to the Benefits finder page where you can search benefits and learn more about the money you may be entitled to.
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