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How to Check for Unclaimed Money and Lost Funds in Australia? Millions of Dollars Could Be Yours

Updated on October 28, 2015
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Lady Rain works as a daytime stock trader and writes about crafts and hobbies. She likes travelling and making papercraft models.

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You could be among half a million people in Australia who have unclaimed money that is just sitting there. The Australian Federal Government's lost money fund is holding millions of unclaimed money that is waiting to be claimed and some of these amounts could be yours.

Anyone can have unclaimed money and not even know it because they do not know how to search for unclaimed money for free. The amount could be from a few dollars to thousands of dollars. Whatever the amount, most of us can do with some extra cash any day.

More than half a million Australians have unclaimed funds with the government and they don't even know it. The government has information on who is entitled to these claims but it cannot find these people because people do not update their contact details when they move to a new place.

Some people might have bank accounts managed by their parents when they were young. Others forgot they still have money in old bank accounts or payouts from super accounts, monies from life insurance, credit unions or shares portfolios. Some people couldn't be bothered informing their banks or closing their accounts when they move interstate or overseas. After many years, they would have forgotten they still have these bank accounts and investment accounts that had been sitting there quietly earning some interest.

If you have not accessed your bank accounts and building society accounts for more than seven years, the money is transferred to the lost money fund by the government. Other unclaimed monies could be from inheritance, investments and shares portfolios of relatives and loved ones who had died without leaving a will or contact information.

The Australian Securities and Investment Commission (ASIC) is trying to clear some, if not all, of these unclaimed funds. All you need to do is to look up the internet and see if you have any unclaimed money. If you have, you will need to provide some form of proof or identification that the money is yours. You can do an online search for unclaimed funds by providing your full name on ASIC's website. If you have found what you are looking for, you should lodge a claim at ASIC's website.

© 2012 lady rain

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    • lady rain profile imageAUTHOR

      lady rain 

      6 years ago from Australia

      carol7777, it does take a while to get unclaimed money especially from inheritances and other family members. I am glad you were able to receive the unclaimed money belonging to your mother. Thank you for sharing the information here.

    • carol7777 profile image

      carol stanley 

      6 years ago from Arizona

      I just got unclaimed money from my mother who passed away over 15 years ago. Went to the site Unclaimed Money. It took almost a year and lots of red tape, but I got the money a few weeks ago. Sometimes it takes longer and is more complicated than other times. Anyway I am glad I got the money as I felt it was kind of a legacy.

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