‘Unclaimed money’ is money from dormant bank accounts, unclaimed life insurance policy payouts and money from shares and other investments that people have not been collected from companies.
Unclaimed money is transferred to the Commonwealth after it’s been unclaimed usually for 7 years.
People may find they have unclaimed money if they:
- have moved house without letting the bank or the institution know;
- have not made a transaction on their cheque or savings account for seven years;
- stopped making payments on a life insurance policy;
- have noticed that regular dividend or interest cheques have stopped coming; or
- were an executor of a deceased estate.
The unclaimed money managed by ASIC is always claimable by the rightful owner with no time limit on claims.
In 2016, over $87M was paid out to more than 16,000 people’, says Peter Kell, ASIC’s Deputy Chairman “there are more than a million records of unclaimed money from dormant bank accounts, life insurance, shares and other investments waiting to be claimed and we’re keen to reunite people with their money‘.
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Fionne McKillop is principal financial planner at McKillop Financial Planning and owns her own law firm McKillop Legal, which is expert in estate planning, business succession and commercial law.
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