Unclaimed money is money from lost bank accounts, shares, investments and life insurance policies where you forget to update your details after you move address. All your bank accounts becomes unclaimed if it is inactive (no deposits or withdrawals) for more than 7 years. Even life insurance policies becomes unclaimed 7 years after it matures and is not claimed. This unclaimed money is transferred to the Commonwealth of Australia Consolidated Revenue Fund by ASIC and available for the rightful owner to claim at any time. Best part is that there is no time limit on claims.
How to avoid your money from being unclaimed?
- Deposit a small amount (even $1) in your bank account or withdraw from it at least once every 7 years.
- Update your mobile number, physical address or personal details with all the financial institutions or banks that you are linked with.