Aussies may be able to score some extra cash by making a claim for “lost money” that could be yours, with the government announcing that $1.5 billion is up for grabs.
The cash boost is thanks to a government initiative that aims to reconnect people with money they may have lost over the years in shares, bank accounts and life insurance.
There’s about $1.5 billion in the pool of lost cash according to Moneysmart, a government website that offers advice and helps people to recoup their unclaimed money.
Money can become lost when an individual moves house and forgets to update their details with a financial institution or company, but the cash is still rightfully theirs.
Bank account balances, for instance, turn into “unclaimed money” after seven years of inactivity, while life insurance policies become unclaimed seven years after the policy matures without a claim.
Unclaimed money is then sent to ASIC and transferred into the Commonwealth of Australia Consolidated Revenue Fund, where it’s available to be claimed at any time by its rightful owner.
There’s no time limit on making a claim, and Aussies can even earn interest on their cash for the time that it was held by ASIC.
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Last modified: June 22, 2023
