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11-219AD Find your missing money

Tuesday 25 October 2011


Have you lost a relative who lived in Matraville, New South Wales? You may be the beneficiary of $642,000 from a dormant bank account. Do you live in Perth, where there is $785,000 waiting to be claimed?

The pool of unclaimed money has risen to a record of $636 million, which is over $28 million more than 2010. An additional 157,431 parcels of money have been lodged this year and added to the database administered by the Australian Securities and Investments Commission (ASIC).

ASIC Senior Executive Leader Financial Literacy, Consumers, Advisers and Retail Investors, Delia Rickard, said: ‘There is more money in the unclaimed money pool than ever before, so even if you’ve already searched, you should look again. It’s quick and easy to search for unclaimed money via ASIC’s MoneySmart website. You can search for yourself and for family and friends. The average parcel of money is $652 and there are some huge amounts of money waiting to be claimed. Last year, Australians recovered $62 million.’

You may have unclaimed money if you:

New South Wales has the most unclaimed money. Below is a state-by-state breakdown.

State
Number of records
Amount % change from 2010Average amount
NSW
440,189
$243,084,492Up 6%$552
Victoria
190,232
$134,256,427Up 3%$706
Queensland
117,045
$71,154,678Up 3%$608
WA
64,164
$49,260,726Up 9%$768
SA
48,836
$24,307,360Up 7%$498
ACT
16,942
$11,988,425Up 32%$708
NT
9,638
$6,466,705Up 8%$671
Tasmania
13,768
$5,735,973Up 5%$417
Overseas
74,417
$90,103,735N/A$1,211
Total
975,231
$636,358,521Up 5 %$652

Log into ASIC’s free online database at www.moneysmart.gov.au, follow the link to unclaimed money, and type in your name.

If you find some money that you think might be yours, you’ll need to prove the money belongs to you or that you are the beneficiary. Information on how to make a claim is also available on the MoneySmart website.

You may receive a letter from a company offering to help you claim your lost money. These companies will charge a fee for this service. Try searching yourself through ASIC’s unclaimed money database at
www.moneysmart.gov.au/tools-and-resources/find-unclaimed-money or by calling 1300 300 630 before using one of these companies. Our databases are easy to use and free.

ASIC also tries to locate and send letters to possible owners of unclaimed money, notifying them of the opportunity to make a claim. Last financial year, these letters resulted in over $3.3 million being reunited with owners.


More information - unclaimed money:



go to the direct address www.moneysmart.gov.au/tools-and-resources/find-unclaimed-money


More information - largest three parcels of unclaimed money per state:



StateSuburbAmountType of MoneyType of Owner
NSWMatraville$642,301CBA bank
account (Colonial Bonds)
Deceased estate
NSWSydney$386,931CBA bank
account
Company
NSWWaverley$379,380Citigroup bank
account
Individual
VICMelbourne$718,151Lost shareholder
AWB Limited
Company
VICKerang$483,899NAB accountIndividual
VICCaulfield$297,115ANZ bank accountIndividual
QLDRaby Bay$204,609CBA bank accountJoint individual account
QLDBrisbane$203,604CBA bank accountCompany
QLDGilston$195,269Money from the takeover of Southern Star Group LimitedDeceased estate
WACarlisle$992,750CBA bank accountIndividual
WAPerth$785,865Money from the takeover of Southern Star Group LimitedDeceased estate
WAPerth$517,886BankWest bank accountIndividual
SAAdelaide$144,681Bendigo & Adelaide Bank accountIndividual
SAAdelaide$143,000Money from the takeover of Heine Management LimitedIndividual
SASomerton Park$129,844Lost debenture holder – CBFC LimitedIndividual
ACTGriffith$300,874NAB bank accountDeceased estate
ACTTurner$99,008Macquarie Bank accountCompany
ACTCanberra$74,156Life insurance policyCompany
TASHobart$71,270Colonial State bank accountIndividual
TASMawbanna$42,167AMP life insurance policyIndividual
TASLaunceston$36,689CBA bank accountIndividual
NTGoulburn Island$134,572CBA bank accountCompany
NTNhulunbuy$55,364Westpac bank accountIndividual
NTPine Creek$46,451Life insurance policyDeceased estate




























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