Every year, millions of dollars in Australia go unclaimed, sitting idle in bank accounts, insurance policies, shares, and state government treasuries. Whether you’ve forgotten about an old savings account, a matured insurance policy, or even a long-lost inheritance, you could be entitled to a share of Australia’s unclaimed money.
In this guide, we’ll walk you through everything you need to know about how to search for and claim your unclaimed money in Australia.
What Is Unclaimed Money?
Unclaimed money refers to funds that have been left untouched or forgotten for a certain period of time. In Australia, money becomes ‘unclaimed’ when:
- A bank account has had no deposits or withdrawals for seven years.
- An insurance policy has matured and remained unclaimed for seven years.
- Company shares have had no activity for six years.
- Other state-held funds, like unclaimed wages or refunds, remain dormant for varying periods.
The good news? Unclaimed money doesn’t disappear. It remains available for the rightful owner to claim indefinitely.
Where Does Unclaimed Money Come From?
Unclaimed money can originate from various sources, including:
- Forgotten bank savings or transaction accounts.
- Matured term deposits.
- Life insurance policies.
- Uncashed dividends or shareholdings.
- Refunds from utility companies.
- Unclaimed superannuation (although this follows a slightly different process).
Given the many potential sources, it’s well worth checking periodically.
How to Check for Unclaimed Money in Australia
The Australian Government, through the Australian Securities and Investments Commission (ASIC), provides a free and secure platform called MoneySmart where you can search for unclaimed money.
Step 1: Visit the Official Website
Head to MoneySmart’s Find Unclaimed Money page.
Step 2: Enter Your Details
You will need to input:
- Your full name (try variations if your name may have changed).
- Your previous addresses (to broaden your search).
Unlike some services, you won’t be asked for sensitive information like your tax file number (TFN) during the search process.
Step 3: Review the Results
If any matching records appear, they will usually show:
- The amount category (the exact figure may not be shown at first).
- The organisation holding the money.
- Instructions on how to claim.
Each record will have a unique Original Transaction Number (OTN) which you should note down.
Step 4: Make a Claim
Follow the specific instructions for each organisation. Generally, you will need:
- Valid identification (passport, driver’s licence).
- Evidence linking you to the account (old account numbers, addresses, or policies).
You will usually need to submit a claim either directly to the financial institution or through the ASIC platform.
Additional Places to Check for Unclaimed Money
Beyond the federal register, each Australian state and territory manages its own unclaimed money program for things like:
- Unpaid wages.
- Overpaid bills.
- Refunds.
- Rental bonds.
Here are links to the main state-based resources:
- New South Wales (NSW): Revenue NSW Unclaimed Money
- Victoria (VIC): State Revenue Office Unclaimed Money
- Queensland (QLD): Public Trustee Unclaimed Money
- South Australia (SA): Department of Treasury and Finance Unclaimed Monies
- Western Australia (WA): Department of Treasury Unclaimed Money
- Australian Capital Territory (ACT): ACT Revenue Office Unclaimed Money
- Northern Territory (NT): Managed through public notices and individual claims.
Make sure to check in all states or territories where you have lived or conducted business.
What About Superannuation?
If you suspect you have lost superannuation (especially after changing jobs multiple times), the Australian Taxation Office (ATO) manages unclaimed super. You can search through your myGov account linked to the ATO.
Visit ato.gov.au/checkyoursuper.
Tips to Prevent Your Money from Becoming Unclaimed
- Regularly update your contact details with your banks and insurance providers.
- Keep your financial records up to date.
- Cash cheques promptly.
- Consolidate accounts where possible.
- Nominate a beneficiary for your life insurance and superannuation accounts.
- Use online banking to keep track of all your financial accounts easily.
Common Questions About Unclaimed Money
Is there a fee to search or claim unclaimed money?
No. Searching for and claiming unclaimed money through official government websites is completely free. Be wary of third-party companies offering to recover your money for a fee.
How long does it take to claim the money?
Processing times vary depending on the institution but typically range from a few weeks to several months.
Can I claim money on behalf of a deceased family member?
Yes. You’ll need to provide documentation proving your right to claim, such as probate or letters of administration.
Final Thoughts
Checking for unclaimed money in Australia is simple, free, and could lead to a welcome financial surprise. Whether you find a few dollars or a forgotten fortune, it’s well worth taking a few minutes to search. Make it a habit to check every couple of years, particularly if you’ve moved, changed jobs, or had multiple financial relationships.
