11-219AD Find your missing money
Tuesday 25 October 2011
Have you lost a relative who lived in Matraville, New South Wales? You may be the beneficiary of $642,000 from a dormant bank account. Do you live in Perth, where there is $785,000 waiting to be claimed?
The pool of unclaimed money has risen to a record of $636 million, which is over $28 million more than 2010. An additional 157,431 parcels of money have been lodged this year and added to the database administered by the Australian Securities and Investments Commission (ASIC).
ASIC Senior Executive Leader Financial Literacy, Consumers, Advisers and Retail Investors, Delia Rickard, said: ‘There is more money in the unclaimed money pool than ever before, so even if you’ve already searched, you should look again. It’s quick and easy to search for unclaimed money via ASIC’s MoneySmart website. You can search for yourself and for family and friends. The average parcel of money is $652 and there are some huge amounts of money waiting to be claimed. Last year, Australians recovered $62 million.’
You may have unclaimed money if you:
- haven’t made a transaction on your cheque or savings account for over seven years
- stopped making payments on a life insurance policy
- moved without leaving a forwarding address
- have noticed that regular dividend or interest cheques have stopped coming, or
- were executor of a deceased estate.
New South Wales has the most unclaimed money. Below is a state-by-state breakdown.
| State | Number of records | Amount | % change from 2010 | Average amount |
| NSW | 440,189 | $243,084,492 | Up 6% | $552 |
| Victoria | 190,232 | $134,256,427 | Up 3% | $706 |
| Queensland | 117,045 | $71,154,678 | Up 3% | $608 |
| WA | 64,164 | $49,260,726 | Up 9% | $768 |
| SA | 48,836 | $24,307,360 | Up 7% | $498 |
| ACT | 16,942 | $11,988,425 | Up 32% | $708 |
| NT | 9,638 | $6,466,705 | Up 8% | $671 |
| Tasmania | 13,768 | $5,735,973 | Up 5% | $417 |
| Overseas | 74,417 | $90,103,735 | N/A | $1,211 |
 | | | | |
| Total | 975,231 | $636,358,521 | Up 5 % | $652 |
Log into ASIC’s free online database at www.moneysmart.gov.au, follow the link to unclaimed money, and type in your name.
If you find some money that you think might be yours, you’ll need to prove the money belongs to you or that you are the beneficiary. Information on how to make a claim is also available on the MoneySmart website.
You may receive a letter from a company offering to help you claim your lost money. These companies will charge a fee for this service. Try searching yourself through ASIC’s unclaimed money database at www.moneysmart.gov.au/tools-and-resources/find-unclaimed-money or by calling 1300 300 630 before using one of these companies. Our databases are easy to use and free.
ASIC also tries to locate and send letters to possible owners of unclaimed money, notifying them of the opportunity to make a claim. Last financial year, these letters resulted in over $3.3 million being reunited with owners.
More information - unclaimed money:
go to the direct address www.moneysmart.gov.au/tools-and-resources/find-unclaimed-money
More information - largest three parcels of unclaimed money per state:
| State | Suburb | Amount | Type of Money | Type of Owner |
| NSW | Matraville | $642,301 | CBA bank
account (Colonial Bonds) | Deceased estate |
| NSW | Sydney | $386,931 | CBA bank
account | Company |
| NSW | Waverley | $379,380 | Citigroup bank
account | Individual |
| VIC | Melbourne | $718,151 | Lost shareholder
AWB Limited | Company |
| VIC | Kerang | $483,899 | NAB account | Individual |
| VIC | Caulfield | $297,115 | ANZ bank account | Individual |
| QLD | Raby Bay | $204,609 | CBA bank account | Joint individual account |
| QLD | Brisbane | $203,604 | CBA bank account | Company |
| QLD | Gilston | $195,269 | Money from the takeover of Southern Star Group Limited | Deceased estate |
| WA | Carlisle | $992,750 | CBA bank account | Individual |
| WA | Perth | $785,865 | Money from the takeover of Southern Star Group Limited | Deceased estate |
| WA | Perth | $517,886 | BankWest bank account | Individual |
| SA | Adelaide | $144,681 | Bendigo & Adelaide Bank account | Individual |
| SA | Adelaide | $143,000 | Money from the takeover of Heine Management Limited | Individual |
| SA | Somerton Park | $129,844 | Lost debenture holder – CBFC Limited | Individual |
| ACT | Griffith | $300,874 | NAB bank account | Deceased estate |
| ACT | Turner | $99,008 | Macquarie Bank account | Company |
| ACT | Canberra | $74,156 | Life insurance policy | Company |
| TAS | Hobart | $71,270 | Colonial State bank account | Individual |
| TAS | Mawbanna | $42,167 | AMP life insurance policy | Individual |
| TAS | Launceston | $36,689 | CBA bank account | Individual |
| NT | Goulburn Island | $134,572 | CBA bank account | Company |
| NT | Nhulunbuy | $55,364 | Westpac bank account | Individual |
| NT | Pine Creek | $46,451 | Life insurance policy | Deceased estate |
ASIC Website: Printed 05/25/2013
