Millions go begging in dormant bank accounts

The Australian Securities and Investments Commission says there is more than $6.5 million dollars of unclaimed money owned by Territorians.

The ASIC database of unclaimed money has risen to a record $677 million across Australia.

ASIC's Robert Drake says more than 13,000 Northern Territory individuals and businesses own parcels of money they are unaware of.

"This is money that comes from dormant bank accounts, old life insurance policies or where shares have been sold," he said.

"Often it's where the institution has lost contact with the owner because they've moved and not left a forwarding address or in some cases died." A dormant Nhulunbuy bank account containing $55,000, while another in Pine Creek holds $46,000.

"If the person's moved and the address is wrong or if people are in the habit of throwing bank envelopes in the bin without reading them, it is easy to miss something like that," Mr Drake said.

"So that's why we really encourage everybody to go and have a look, see if there's some in there from you or a family member, great aunt or a granny owed some money."

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