Unclaimed fortunes may await

IF TOOWOOMBA residents think their bank account is a little emptier than it should be, it could pay to check if they hold a share in an unclaimed $1.1 billion.

The Australian Securities and Investments Commission has found the staggering amount is left idly sitting in forgotten bank accounts, life insurance, and shares and other investments, and is urging residents to check if some of it is theirs.

And the best part is that the search is free online.

In Queensland alone there is $112 million waiting to be claimed - the third highest amount of all Australian states and territories.

About $58m is unclaimed in Brisbane, and about $17m on the Gold Coast.

In a further breakdown, there’s about $62m in forgotten bank accounts, $10m in life insurance policies, and $40m in shares and other investments.

“There are more than a million records of unclaimed money from dormant bank accounts, life insurance, shares and other investments waiting to be claimed and we’re keen to reunite people with their money,” ASIC deputy chairman Peter Kell said.

“Unclaimed money is transferred to the Commonwealth after it’s been unclaimed usually for seven years.

“The unclaimed money managed by ASIC is always claimable by the rightful owner with no time limit on claims.

“In 2016, over $87 million was paid out to more than 16,000 people.”

The free online search will reveal if there is any unclaimed funds in that name, and where it is stored.

Go to moneysmart.gov.au and follow the links, then type a surname.

It also lists how to claim any funds found.