Find Your Unclaimed Money
Most of us have heard about dormant bank accounts and lost superannuation accounts, which when combined, hold millions of dollars. If you think there’s a possibility that one of these accounts may be yours, the Australian Tax Office SuperSeekers tool allows you to search and reconnect with lost accounts.
The Australian Securities and Investment Commission (ASIC) team helps Australians to make informed financial decisions to protect their money. This mandate also includes helping people reclaim lost money.
The MoneySmart team travels all across Australia giving information to the public about the online search tool. They also encourage people to visit the website and use the tool to carry out simple searches.
Estimates by the MoneySmart team claim that there is around $677 million AUD just waiting to be claimed. Chances are, some of this money could be yours.
In 2012 ASIC helped to recover $56 million dollars which was forgotten in life insurance policies, bank accounts, and shares. One of the main ways that people lose track of bank accounts is when they move house. Often people forget to provide their credit unions and banks with their new address details.
People also lose track when they change their names or leave the country for long periods of time. Often bank accounts are lost when people die, so it’s always a good idea to tell your loved ones if you are the holder of a bank account, life insurance policy or shares.
Each year the pool of unclaimed money grows larger. 2012 saw the pool increase by $40 million AUD. This increase is happening even though more people are becoming aware of ASIC MoneySmart search tool.
If you want to search for unclaimed money, visit moneysmart.gov.au; click the link for ‘unclaimed money’ and type your name. You can also search for money belonging to friends and family members.
MoneySmart will carry you through the necessary stepsonce you find money to claim. It’s completely risk free and you may end up pleasantly surprised. Some dormant accounts are known to have in excess of $100,000 AUD.
Could it be yours?