Aussies are just a click away from $1.1 billion

There’s a fortune in unclaimed super and forgotten bank accounts, but you can claim, writes Tim McIntyre AT A GLANCE

AUSTRALIANS will get a free chance to claim their share of $1.1 billion, courtesy of the Federal Government.

The huge sum is made up of unclaimed money from various sources that ordinary Aussies may not be aware they are entitled to. Now, the Australian Securities and Investments Commission (ASIC) has provided an online search tool, which allows people the chance to search for any unclaimed money belonging to them, free of charge.

“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 deputy chairman, said. “Unclaimed money is transferred to the Commonwealth after it’s been unclaimed usually for seven years (but it is) always claimable by the rightful owner with no time limit. In 2016, over $87 million was paid out to more than 16,000 people.”

That works out to be more than $5400 per person on average, but ASIC says the amounts of unclaimed money range from as little as a few dollars to more than $1 million.

New South Wales is the nation’s biggest goldmine for unclaimed money, with $380 million lying around. Sydney accounts for $319 million of this, while the Hunter area with $14 million and Illawarra with $1 million are other hot spots.

Victorians are neglecting $197 million; with $170 million of that in Melbourne and $5 million in Barwon.

Queensland’s $112 million is made up of $58 million from Brisbane, $17 million from the Gold Coast and $7 million from the state’s far north region.

Meanwhile , $75 million is unclaimed in Western Australia; $35 million in South Australia; $15 million in the ACT; $9 million in Tasmania and just $8 million in the Northern Territory.

Nationally, $458.5 million of the unclaimed money comes from bank accounts, while $309 million is in shares and other investments; and $62.5 million is in life insurance policies.

Common reasons people lost track of their money include moving house without letting the bank know; being an executor of a deceased estate; not making a transaction on an account for seven years; and a number of other smaller oversights.

Anyone who finds money using ASIC’s online search tool then needs to contact the institution where the money is listed as being held, which will then assess and lodge a claim with ASIC. Claims are then processed by ASIC and the funds are released back to the institution.

ASIC

is holding $1.1 billion in unclaimed money accounts for $380 million; the most of all states and territories has the least with just $8 million

NSW ●NT Australians

can use ASIC’s free search tool to find their unclaimed money

$87 million was paid out to 16,000 Australians in 2016

bank accounts are responsible for $458.5 million of unclaimed money nationally; $309 million is in shares/other investments and $62.5 million in life insurance

More than ●Dormant