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November 10, 2011
Email ASIC at ADFcolumn@asic.gov.au with topics that interest you
HAVE you ever been too busy
to keep track of all your
If so, you might have
money from old bank accounts, insur-
ance policies or shares waiting to be
collected. You may even find a small
fortune from a deceased relative wait-
ing for you to claim.
There is a simple way to claim
your stake in the unclaimed money
held by the Australian Securities and
Investments Commission or other
Go to www.moneysmart.gov.au
and search your name. It's quick, easy
There are amounts of between
$1 and just under $1 million owed to
individuals and businesses.
The highest amount unclaimed
is $990,000 from a Commonwealth
Bank account in Western Australia.
Do your friends and family a
favour and search using their names,
too.When searching try your maiden
name or any other names you have
used in the past, as well as different
spellings of your name, in case the
bank or company has incorrectly spelt
your name on their system.
Sometimes companies hold money
for their customers, but if they can't
get in contact with them after a
period of time, the money becomes
Money in bank accounts and life
policies becomes unclaimed when
there is no activity on the account or
policy for a given time.
Claim your slice of the millions in unclaimed money, says ASIC chairman Greg Medcraft.
Australians currently have
$636 million in unclaimed money
from banks, credit unions, building
societies, life insurance companies,
friendly societies, company dividends
or proceeds of company takeovers.
In the past two months ASIC has
added $6.8 million worth of new
records, and paid out $14.4 million
to people and companies who have
found their lost money.
There is almost $94,000 in
unclaimed money from the Defence
Force Credit Union, and $84,000 from
the Australian Defence Credit Union.
If you search for unclaimed money
and find you have some money with
either of these credit unions, contact
the credit union.
They will assess if you are the
rightful owner of the money and
notify ASIC. ASIC will then release the
money so the credit union can pay you.
Contact Australian Defence Credit
Union Limited on 1300 13 23 28 and
Defence Force Credit Union Limited
on (03) 8624 5888.
To check if you have any lost
superannuation, use the Australian
Taxation Office's SuperSeeker web-
site at www.ato.gov.au/superseeker.
There is $13 million in super waiting
to be claimed. State governments also
hold unclaimed money from deceased
estates, share dividends, salaries and
wages, to name a few.
Remember, you can use ASIC's
online search for free -- as opposed to
some companies which might write to
you saying they have found some lost
money and asking you to pay them to
reunite you with it.
There is some information that
ASIC can't publish online for privacy
reasons, so if you don't have any luck
online, ring ASIC's Infoline on 1300
300 630 and they will do a more com-
prehensive search for you.
For more information about unclaimed
money, visit ASIC's consumer website,
MoneySmart at www.moneysmart.gov.
au or call 1300 300 630.
WORTH CHECKING: Is there an old bank book lying in your drawer? It might yield much more than
Photo: LAC Bill Solomou
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