Cash-strapped Australians could pocket hundreds of dollars from a $2.3 billion unclaimed cash reserve, according to the Australian Securities and Investments Commission (ASIC).
The money comes from ‘lost’ bank accounts and life insurance policies that have been left untouched for more than seven years. These unclaimed moneys then go to ASIC and are transferred to the Commonwealth of Australia Consolidated Income Fund.
From there, ASIC can administer it to persons with reasonable claims. There is no time limit within which the rightful owner can claim it.
The catch is that many Australians have no idea whether they have a legitimate claim or how to collect the unclaimed money they are owed.
ASIC has a Unclaimed Money Search on its Moneysmart website which allows people to check if they have a claim for lost money and provides details on how to make a claim.
