The Australian Securities and Investments Commission today supported the call by the Hon Kelly O'Dwyer MP, Minister for Small Business and Assistant Treasurer, for Australians nationwide to do a quick and free search on ASIC's MoneySmart website to see if a share of $1.2 billion of unclaimed money is theirs.

'There are more than a million records of unclaimed money from dormant bank accounts, life insurance, shares and other investments waiting to be claimed,' Peter Kell, ASIC's Deputy Chairman said.

'Unclaimed money is transferred to the Commonwealth after it's been unclaimed usually for seven years.  The unclaimed money is managed by ASIC, it's always claimable by the rightful owner and there's no time limit on claims.  Last financial year, over $158m was paid out to more than 25,000 people,' Mr Kell said.

There are vastly different amounts of forgotten money waiting to be claimed ranging from a few dollars to over a million.  The approximate amounts of money available in unclaimed bank accounts, life insurance policies and shares broken down by State and Territory are:

'It's free, quick and easy to use ASIC's MoneySmart website to search for your name or family and friends, just visit moneysmart.gov.au,' Mr Kell said.

People may find they have unclaimed money if they:

• have moved house without leaving a forwarding address
• haven't 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 executor of a deceased estate

Once a person has found unclaimed money using ASIC's MoneySmart online search, they need to contact the relevant bank or other financial institution where the money is held if the money is listed as 'banking' or 'life insurance'.  The institution will assess and lodge a claim with ASIC.  ASIC aims to process claims within 28 days of receiving all necessary claim documentation and release the funds back to the institution.  If the record found is listed as 'company' they need to go to 'claim money from shares and other investments' on ASIC's MoneySmart to find out how to claim.

'If you find you have unclaimed money, ASIC's MoneySmart website offers free and impartial financial guidance and online tools to help you use it wisely and make the most of your money,' said Mr Kell.

Our unclaimed money infographic shows how much is there to be claimed around Australia.

Background

What is 'unclaimed money' held by ASIC?

'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 ASIC after a certain period of time to be held by the Commonwealth.  The unclaimed money held by ASIC is always claimable by the rightful owner and there is no time limit on claims.

For bank accounts, the money becomes 'unclaimed' where a bank account has not been used for seven years and contains a balance of $500 or more.  Bank accounts created for children and those held in a foreign currency are exempt.

'Unclaimed money' from life insurance policies from insurance companies or friendly societies is money that has been unclaimed for seven years after the policy matures.

ASIC holds most of the unclaimed money from shares and other investments that people have not collected from companies. This is listed in our unclaimed money search as 'Company money'.  This type of unclaimed money is usually the result of a takeover and may include cash and/or shares, depending on the takeover offer.

Interest on unclaimed money is payable from 1 July 2013. There is no interest payable for the period before this.  No tax is paid on the interest you earn. 

Banks, building societies and credit unions

ASIC holds money from bank, credit union and building society accounts that have not been used in 7 years and contain a balance of $500 or more.  On 31 December 2015 this changed from 3 years.

With savings bank accounts, ASIC's unclaimed money online search database goes back to 1989.  Trading bank accounts go back to 1959.  With credit union and building society accounts, ASIC's database goes back to 1992.

Life insurance policies

ASIC holds money from life insurance policies from insurance companies or friendly societies that have been unclaimed for 7 years after the policy matures. On 31 December 2015 this changed from 3 years.

ASIC's unclaimed money online search database goes back to 1952 for life insurance companies and back to 2000 for friendly societies.

Shares and investments

ASIC holds most of the unclaimed money from shares and other investments that people have not collected from companies. ASIC's data goes back to 1991.

A small amount of unclaimed money is held by the companies themselves, e.g. as a result of a takeover.

Search for unclaimed money