If you’ve ever forgotten to update your address or contact details, you could be entitled to lost money from bank accounts, shares, investments and life insurance policies.
The Australian Securities and Investment Commission (ASIC) reported about $1.5 billion of lost money is eligible to be claimed from bank accounts, shares, investments and life insurance policies.
Public Trustee of Queensland CEO Samay Zhouand said government associations like the Public Trustee and ASIC maintained databases of unclaimed money records to help people find and claim their lost money.
“Many... may not realise they have unclaimed money allocated to them,” Mr Zhouand said.
“A change of name, address, or forgetting to update contact details are some of the common reasons why some people may not have received money that is owed to them.”
Mr Zhouand said some lost money claims were “enough to change a person’s life”, with the largest claim in Queensland totalling more than $750,000.
“We are reminding people to check the unclaimed money register,” he said.
“We want to ensure that people are reunited with their funds.”
Where to search for lost money
- ASIC Moneysmart – money from lost bank accounts, shares, investments and life insurance policies.
- Public Trustee of Queensland and NSW Trustee & Guardian – deceased estates administered by state governments and other sources.
- Australian Taxation Office – lost superannuation.
- Services Australia – make sure you’re getting benefits that you’re entitled to.