Unclaimed money in Australia – Get your Free Money Back
We’ve all heard that we’re a society obsessed with money, but that may not be quite true. New figures from the Australian Securities and Investment commission (ASIC) has shown that $677 million dollars has gone unclaimed in Australia to date.
The largest pools of money were located in Perth: a personal bank account containing $992,750, and $718,152 belonging to a lost shareholder of the Australian Wheat Board.
ASIC allows relatives and beneficiaries to claim money that has been forgotten by its owner. There are currently 975,231 pots of unclaimed money which ASIC have listed in their system.
In an effort to make the search for lost money easier, ASIC has made it possible to search their database using a tool located on the ASIC MoneySmart website. You simply type in your name, or the name of a family member that you believe may have unclaimed sums of money sitting in bank accounts, company shares and life insurance policies.
Although more people are becoming aware of the search tool the unclaimed sum continues to rise. Last year an additional $40 million was added to the pot. Because of this you should check the website at least once a year as you never know what could show up.
Australian citizens recovered 62 million dollars last year: on average each person claimed $652.
Most of the unclaimed money came from:
- People who hadn’t used their checking account for over seven years
- People who stopped paying for their life insurance policy
- People who moved without leaving a forward address
- People who stopped receiving regular dividend and interest cheques
- Executors of deceased estates
We’ve listed the regions of Australia that have the largest sums of unclaimed money: $86 million dollars of which belong to people who live overseas.
- Western Australia: Perth $44 million, Wheat belt $1.8 million, Outback $4.4 million
- Victoria: Mornington Peninsula $3.1 million, Melbourne $118 million, Latrobe Gippsland $2.9 million, Geelong $2.9 million
- New South Wales: Sydney $271 million, Newcastle $5.7 million, Central Coast $4.2 million
- Australian Capital Territory: $11 million
- Northern Territory: Darwin $4.4 million, Outback $2.6 million
- South Australia: Adelaide $21 million, Southeast $1.4 million, Outback $0.8 million
- Queensland: Brisbane $31 million, Gold Coast $8.3 million, Cairns $3.4 million
- Tasmania: Hobart $3 million, Launceston $1.2 million