Unclaimed money: How to find what you're owed

When I was a kid, my schoolbag doubled as a savings account.

I would toss loose change from my lunch money into my bag, where it would sink, forgotten, among crumpled worksheets and pencil shavings. By the end of term, the bag felt like a kettlebell, and emptying it meant a spending spree at the canteen.

That childhood stash was my first brush with 'unclaimed money' - cash you forget or don't know you have but that is still yours. For thousands of Australians, that stash is a lot bigger than a few stray coins.

The Australian Securities and Investments Commission (ASIC) currently holds about $2.3 billion in unclaimed money from dormant bank accounts, unpaid share dividends, investments and life insurance payouts. This is up from $1.1 billion only five years ago.

How money goes unclaimed

Funds are transferred to ASIC when accounts or policies sit untouched for a long period. This often happens when people move, change banks, go overseas or forget the accounts exist.

Bank accounts are flagged as unclaimed if there have been no deposits or withdrawals for seven years. The seven years rule applies to life insurance, too, if the money isn't handed over after the policy matures.

The account balance is transferred to the Commonwealth's Consolidated Revenue Fund, where it can be claimed at any time. Since 2013, interest has been payable on these amounts.

How to check if you have unclaimed funds

Searching for unclaimed funds is easy. ASIC's Moneysmart website has a free unclaimed money search tool. Enter your name and, if a match appears, follow the instructions to lodge a claim.

You will need to provide a copy of an official notice addressed to you at the postal address that appears on the unclaimed money record. This can be a dividend notice, bank statement, utility bill, council rates notice or a birth, marriage or death certificate.

According to Moneysmart, each unclaimed money record has a unique original transaction number (OTN). You will need this number to make a claim. The OTN will also help you relocate that record in future and will assist ASIC if they need to discuss the claim.

Other places to search for lost money

There are other processes for tracking and claiming lost superannuation, money held by State governments, and unpaid wages. Start with the government websites listed here. Who knows? You might have a tidy, little sum waiting to be claimed.

• Australian Taxation Office Find lost superannuation by registering for the Australian Taxation Office's online services on myGov.
• State government Find lost money from deceased estates, lost share dividends, salaries and wages, cheques, over-payments, proceeds of sale and more.
• Services Australia Check your bank account details are up to date to make sure you're getting the Medicare benefits you're entitled to.

Scam warning

If a private money search company approaches you to find money for you for a fee, remember that you can search unclaimed money for free on the Moneysmart website.

ASIC does not ask people to pay to claim.

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