The amount of lost money sitting in Australian bank accounts has risen $40m to $677m, with one individual being owed as much as $992k.
These statistics have been revealed as ASIC launches a national campaign to help reunite Australians with their unclaimed money.
Incredibly, one individual has $992,750 waiting for them in a CBA account in Carlisle, WA, while another 14 six-figure sums remain unclaimed nationwide.
“You might not know it yet, but you could have thousands of dollars sitting in an old bank account, shares, or a life insurance policy,” said ASIC commissioner Peter Kell, as the regulator launched its free online unclaimed money search, which can be accessed by clicking here.
“Until you look, you’ll never know if you or your family have unclaimed money. But if you don’t strike it lucky,” added Kell.
If you have a client named John Smith, for example, he could be amongst 629 John Smiths in Australia who have unclaimed money waiting for them.
According to ASIC, your clients may have unclaimed money if they:
moved without leaving a forwarding address;
haven’t made a transaction on your cheque or savings account for over seven years;
stopped making payments on a life insurance policy;
have noticed that regular dividend or interest cheques have stopped coming; or
were executor of a deceased estate.
Just over 40% of the nation’s unclaimed money lies in New South Wales, with Victoria and overseas accounts holding the second and third highest total sums.
Click on page 2 below to see the state-by-state breakdown and details of the largest parcels of unclaimed money per state are.