The Australian Securities and Investments Commission (ASIC) is urging Aussies to check whether they are entitled to part of $1.2 billion in unclaimed money currently being held by the government.
According to Federal Government figures, across Australia there’s $651 million of unclaimed money left sitting in bank accounts, $435 million in shares and $84 million in life insurance policies.
Cash that has been unclaimed for seven years is transferred to the Commonwealth and managed by the Australian Securities and Investments Commission (ASIC). The unclaimed money is always claimable by the rightful owner and there is no time limit on claims.
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Assistant Treasurer Kelly O’Dwyer said more than 25,000 people made successful claims last year, totaling $158.4 million.
People can search to see whether they have any unclaimed money through a simple tool on moneysmart.gov.au and place a claim with ASIC.