The Australian Securities and Investment Commission (“ASIC”) hold the federal records for all unclaimed monies.
Unclaimed money can originate from:
Money is transferred to the ASIC unclaimed money fund after 3 years. Money in bank accounts, for example, is considered lost if there has been 3 years of inactivity.
Interest on unclaimed money will be paid to the claimant once they claim their money from 1 July 2013. The interest is calculated from 1 July 2013 onwards and cannot be claimed on already finalized accounts. For the 2013-14 year the interest rate is 2.5%.
The type of unclaimed money you are entitled can affect how you lodge a claim for the money. For money held by banks and life insurers, you need to contact the institution directly and they will assess your claim to the money. If your claim is successful, the institution will contact ASIC to request the release of the funds to you. For money from companies, you may either need to contact ASIC or contact the company directly, depending on the type of claim.
You can use the link below to search for unclaimed money.
Superannuation can become lost if you change your name, address or job without informing your superannuation fund. The Australian Taxation Office holds all super that has been paid to an individual by law if an account cannot be found to transfer it to.
The Superseeker link below, not only allows you to search for lost super, but also to see the accounts into which money has been contributed in the last two years, and transfer super between accounts.
To access these functions you will need to create an online account by proving your identity through two types of identification.
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