How authorised deposit-taking institutions lodge unclaimed money claims
When a consumer finds that they are entitled to unclaimed money provided to ASIC by an authorised deposit-taking institution (ADI) (such as a bank), they should contact the ADI to begin their claim. When the ADI is satisfied that the person is entitled to the unclaimed money, the ADI will make a claim to ASIC on behalf of the entitled person. The Banking Act 1959 requires ASIC to pay the money to the ADI only, which must then pay the entitled person.
The information provided on this page is to assist ADIs to make a claim to ASIC.
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This page contains:
- How an ADI lodges a claim for unclaimed money
- Receiving payment of the claim
- Payment of interest on claims
- Contact us
- More information
How an ADI lodges a claim for unclaimed money
As an ADI, once you are satisfied that a customer is entitled to the unclaimed money, you must make a claim to ASIC for the return of those funds.
The claim must be:
Upon receiving the claim, providing the CSV claim form is in the required format, it will be processed and the funds returned to the ADI.
CSV claim form
A CSV claim form is an Excel spreadsheet and contains:
Header record: Where the ADI’s information is entered (row 1)
Detail record/s: Where the unclaimed money record is entered (rows 2, 3, etc)
Original Transaction Numbers (OTN): A unique number to identify the unclaimed money record. Each Detail record must have an OTN and these can be located by searching for the unclaimed money record on Moneysmart.
To make an Excel spreadsheet into a CSV claim form you will need to save it as a comma delimited file format (.csv). To do this, use ‘save as’ to change the spreadsheet type to .csv.
The CSV claim form has a specific format that must be complied with for ASIC’s system to receive and process the claim. Our downloadable guide to the CSV claim form includes the information to be included and the required format.
Download the Guide to the Banking Act CSV claim form (PDF)
It is advisable to check that your CSV claim form:
- has a Header record
- has correct totals in the Header record
- includes Original Transaction Numbers for all Detail records
- has names in the correct columns.
Lodging the CSV claim form
Once you have completed your CSV claim form you can lodge it by email.
Your email should use this wording:
To: unclaimed.money@asic.gov.au
Subject: ADI unclaimed money claim for <insert your company>
<Your ADI name>
We are satisfied as to the identity of these claimants and confirm that the money would have been paid to the claimants by the ADI. Please refund the total amount on the attached CSV claim form.
<Name of person submitting the email>
<Position of person>
<Contact phone number>
Lodging your CSV claim form by email assists ASIC in processing the claim as quickly as possible.
As an ADI, if you have internal privacy or security policies which would prevent you making your claim by email with an attached CSV claim form, please send an email to unclaimed.money@asic.gov.au outlining:
- details as to why you can’t use the email process; and
- what alternative you propose so that the information can be provided to ASIC electronically, but complying with your security/privacy policy.
We will consider these issues on a case-by-case basis.
Receiving payment of the claim
If you have previously provided us with bank account details, the payment will be forwarded by electronic fund transfer to that account and you will be notified. If we do not have your account details, a cheque will be posted to your contact address.
If you would like to provide us with your bank account details, please request an EFT details notification form by emailing unclaimed.money@asic.gov.au.
Payment of interest on claims
From 1 July 2013 when unclaimed money is paid to a claimant, the Commonwealth of Australia will also pay interest. Both the original amounts and the interest must be paid to the claimant.
A detailed payment summary will be provided within 5 working days of the payment to assist in identifying the original and interest amounts.
The amount of interest and the method of calculating the interest is determined by Regulations.
An example of an interest calculation is available on the Moneysmart website.
Contact us
Contact the Unclaimed Money Unit:
by phone: 1300 300 630
by email: unclaimed.money@asic.gov.au
Postal address:
Unclaimed Money Unit
Australian Securities & Investments Commission
GPO Box 9827
Melbourne VIC 3001