The pool of unclaimed money has risen to a record of $636 million, which is over $28 million more than 2010. An additional 157,431 parcels of money have been lodged this year and added to the database administered by the Australian Securities and Investments Commission (ASIC).

ASIC Senior Executive Leader Financial Literacy, Consumers, Advisers and Retail Investors, 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. It’s quick and easy to search for unclaimed money via ASIC’s MoneySmart website. You can search for yourself and for family and friends. The average parcel of money is $652 and there are some huge amounts of money waiting to be claimed. Last year, Australians recovered $62 million.”

Your clients may have unclaimed money if they:

• haven’t made a transaction on a cheque or savings account for over seven years
• stopped making payments on a life insurance policy
• moved without leaving a forwarding address
• have noticed that regular dividend or interest cheques have stopped coming, or
• were executor of a deceased estate.

New South Wales has the most unclaimed money. Below is a state-by-state breakdown.

Encourage your clients to log into ASIC’s free online database at www.moneysmart.gov.au, follow the link to unclaimed money, and type in their name.

If they find some money that might be theirs, they’ll need to prove the money belongs to them or that they are the beneficiary.

Information on how to make a claim is also available on the MoneySmart website.

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