Home' Army News : July 8th 2010 Contents VOLUME SEVEN
Find out why. Watch this.
Watch the video or order the DVD on the website
ADF Financial Services Consumer Council
(more so if you're in the ADF )
not as easy as
Army July 8, 2010
Stake your claim in $610 million. ASIC
Chairman Tony D'Aloisio says Australians
have that much money lying uncollected.
IT'S quite easy to lose track of our
old bank accounts, life insurance
policies and shareholdings.
It's even easier to lose track of
accounts and policies belonging to rel-
atives who died years ago.
Sometimes companies hold money
for their customers but if they can't get
in contact with them after a period the
money becomes unclaimed.
How money is lost
Money in bank accounts and life
policies becomes unclaimed when,
over a specified period, there has been
no activity on the account or policy.
After this time, the money is turned
over to the Federal Government, which
acts as custodian until that money can
be returned to the rightful owner.
The amounts of money owed to
individuals and businesses ranges
between $1 to just under $1 million.
The highest individual amount cur-
rently unclaimed is $990,000, from
a Commonwealth Bank account in
In the past two months ASIC
has added $50 million worth of new
records about unclaimed money to the
database, which means now is the per-
fect time to search for and find your
Searching is free and quick and
there is no cost involved in claiming
your lost money, but you will need to
prove that the money is yours.
To search online for unclaimed
money go to www.fido.gov.au/
unclaimedmoney and type in your
There is some information that
ASIC can't publish online for priva-
cy reasons, so if you don't have any
luck online, ring our Infoline and
speak to one of our customer service
They will be able to conduct a
comprehensive search for forgotten
funds, including old bank accounts,
forgotten insurance policies, and
unclaimed money from shareholdings
where the company has been unable to
contact a shareholder.
Anyone who thinks they might be
There is $610 million in
unclaimed money from
banks, credit unions,
building societies, life
friendly societies and
companies for dividends
or proceeds of company
The timeframe for
handover to the Federal
depending on where the
money is located, but in
most cases it is seven
years. For unclaimed
money from company
shareholdings, the peri-
od can vary from one
month to 10 years.
ASIC is aware of com-
panies that may send a
letter notifying you that
they have located some
lost money and will
charge you an amount
or commission to reunite
you with your lost funds.
Some people may find
this easier than having
to locate the money
entitled to unclaimed money should
contact our Infoline directly on 1300
300 630 or email firstname.lastname@example.org
during business hours.
If you or a family member can't
locate all your superannuation, you
could do a search for lost super.
Unless you keep your address up to
date with all your super funds, they
might consider you a 'lost member'.
If you are considered a lost mem-
ber, your fund will transfer your bene-
fits to an 'eligible rollover fund' where
your investment earnings may be less.
You might also be paying fees that you
don't know about.
The sooner you recover any lost
super, the less hassle and paperwork.
To check if you have any lost super,
visit the Tax Office's website at www.
ato.gov.au/superseeker. All you need
to access the database is your name,
date of birth and tax file number.
The states and territories also have
claims and recovery services for a
variety of other lost money includ-
ing dividends, refunds, deposits and
wages. Contact details for these ser-
vices are on the FIDO website.
It is very easy to search for certain
types of unclaimed money through
ASIC's unclaimed money database
at www.fido.gov.au, and best of all,
For more information about unclaimed money,
visit ASIC's consumer website, FIDO at www.
fido.gov.au or call 1300 300 630.
Windfall: Have you checked for missing accounts?
Photo by LAC Aaron Curran
Links Archive June 24th 2010 July 22nd 2010 Navigation Previous Page Next Page