| 25.10,11. 11:42 AM |
Unclaimed funds top $636 million
October 25, 2011
Some of us don't even bother to collect what's ours, with new figures showing there is a record high $636 million in unclaimed money in Australia.
Among the largest parcels were $992,750 in a Perth individual's bank account and $718,151 belonging to a Melbourne-based "lost shareholder" of grain seller AWB Ltd, which was taken over last year.
You could be a relative or other type of beneficiary entitled to one of the 975,231 parcels of money the Australian Securities and Investments Commission (ASIC) has on its database.
People can search for themselves for unclaimed money via ASIC's MoneySmart website, ASIC's 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," Ms Rickard said in a statement.
The average parcel of money was $652 and last year Australians recovered $62 million, she said.
Those with unclaimed money include:
• people not making a transaction on their cheque or savings accounts for more than seven years;
• those who have stopped making payments on a life insurance policy;
• those who have moved without leaving a forwarding address;
• those who have noticed that regular dividend or interest cheques have stopped coming;
• executors of deceased estates.
Log into ASIC's free online database at www.moneysmart.gov.au, follow the link to unclaimed money, and type in your name.