What is unclaimed money?
Unclaimed money is money that has been lost or forgotten about. It can come from bank accounts, shares, investments, and life insurance policies. If you move house and forget to update your details with a financial institution or company, your money could become unclaimed.
How much unclaimed money is there?
There is an estimated $1.5 billion in unclaimed money in Australia. This money is held by the Australian Securities and Investments Commission (ASIC).
Who can claim unclaimed money?
Anyone can claim unclaimed money, regardless of their age, income, or nationality. You can claim unclaimed money if it belongs to you, your spouse or partner, your deceased relative, or your business.
https://www.rbi.org.in/commonman/English/Scripts/PressReleases.aspx?Id=3367
How to search for unclaim money
You can search for unclaim money for free on the ASIC website. To search, enter your name or OTN (Original Transaction Number). If you don’t know your OTN, you can search for it using your name.
The search results will show you the following information:
- The type of unclaimedmoney
- The name of the financial institution or company holding the money
- The amount of money
- The OTN
How to claim unclaimed money
To claim unclaimed money, you will need to contact the financial institution or company holding the money. You will need to provide them with your OTN and other identifying information.
How to Check for Unclaimed-Money from Your Grandfather’s Bank Accounts
- Search the bank’s website or contact the bank directly.
- Search the ASIC unclaimed–money database.
- If you find unclaimed money, contact the bank or financial institution to claim it.
- Provide your grandfather’s name, date of birth, and other identifying information.
- You may also need to provide proof of your relationship to your grandfather.
- Check with the bank before claiming to see if there is a fee.
I hope this is helpful!
Tips for preventing your money from becoming unclaimed
- Make a deposit or withdrawal from your bank account at least once every 7 years.
- Update your details with your financial institution or company if you move, change your email, change your phone number, or change your name.
- Keep track of your financial records, including bank statements, investment statements, and life insurance policies.
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FAQ
What if I don’t have my OTN?
If you don’t have your OTN, you can search for it using your name on the ASIC website.
What if I can’t contact the financial institution or company holding my unclaimedmoney?
If you can’t contact the financial institution or company holding your unclaimed money, you can contact ASIC for assistance.
What if I’m not sure if I have any unclaimed-money?
You can search for unclaim money for free on the ASIC website.
Additional information
Unclaim money from deceased estates
If you are the executor of a deceased estate, you can search for unclaim money that belongs to the deceased person. To search, you will need to provide ASIC with the deceased person’s name and date of death.
Unclaim money from life insurance policies
If you are the beneficiary of a life insurance policy that has matured and has not been claimed, you can claim the unclaimed money. To claim, you will need to contact the life insurance company.
Unclaimedmoney from superannuation
If you have unclaimed superannuation, you can search for it on the Australian Taxation Office (ATO) website. To search, you will need to create a myGov account.
Unclaimedmoney from other countries
If you believe you may have unclaimed money in another country, you can contact the relevant government agency in that country.
Conclusion
Unclaimd money is a valuable resource that can be used to pay for bills, save for retirement, or invest in your future. If you think you may have unclaimed money, be sure to search for it and claim it.
Here are some additional tips for making the most of the unclaimed-money search:
- Search for unclaimed money regularly. The money could have been deposited into an account that you no longer use, or you may have forgotten about it altogether.
- Search for unclaimed money on behalf of your deceased relatives. You may be able to claim money that they forgot about or that was never claimed after their death.
- Search for unclaimed money in the names of your businesses. If you have ever owned a business, it’s possible that there is unclaimed money from that business.
- Be careful of unclaimed-money search scams. Some companies may offer to search for unclaimed money for you for a fee. However, you can search for unclaimed money for free on the ASIC website.
If you have any questions about unclaimed-money, you can contact ASIC for assistance.