Lexi Webster
There is a significant amount of money sitting in government coffers in Australia, waiting to be claimed by its rightful owners. This money, often referred to as unclaimed money, can be in the form of forgotten bank account balances, lost superannuation, life insurance proceeds, or proceeds from deceased estates. People may lose track of their money when they change bank accounts, move houses without updating their address, or simply stop logging into their investment portals. To prevent losing money in the first place, it is essential to maintain good records of your accounts and update your details with financial institutions when necessary. If you believe you have lost money in Australia, you can search for it through the Australian Securities and Investments Commission (ASIC) database, state revenue offices, or other government websites.
| Characteristics | Values |
|---|---|
| How to find a lost bank account | Search for unclaimed money in old bank accounts through ASIC and other government websites |
| Lost money from | Shares, investments, life insurance policies, superannuation accounts, deceased estates, unclaimed share dividends, salaries, cheques, over-payments, proceeds from sales, etc. |
| Reasons for lost money | Changing address or going overseas and forgetting to update details with a financial institution, forgetting about a savings account, etc. |
| Time after which an account is deemed inactive | 7 years |
| Where does the money go | The money is transferred to the national 'lost and found' department: The Australian Securities and Investments Commission (ASIC) |
| Where does ASIC transfer the money | The Commonwealth of Australia Consolidated Revenue Fund |
| Where else can lost funds end up | State revenue offices, especially in the case of unclaimed proceeds of deceased estates or business liquidations |
| How to prevent losing an account | Keep good records of accounts, update them regularly, and inform the bank of any address changes |
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What You'll Learn
Search for unclaimed money in government registers
If you're looking for lost money in Australia, there are a few places you can search. You can start by searching government registers, such as the State Revenue Office or the relevant state government department.
The State Revenue Office maintains a register of unclaimed money, which includes amounts arising from share dividends, salaries and wages, rent and bonds, debentures and interest, and proceeds from a sale. This register also includes unclaimed money from lost bank accounts, shares, investments, and life insurance policies. You can search this register online and, if you find money that is rightfully yours, follow the steps provided to claim it.
Each state government in Australia also has a process for claiming lost money. For example, in Western Australia, the Department of Treasury maintains a register of unclaimed money, which includes monies held by organisations for 6 years without being successfully returned to the rightful owner. You can search this register online and, if you find money that is rightfully yours, follow the online process to make a claim.
Additionally, you can search for unclaimed money in deceased estates, lost share dividends, salaries and wages, cheques, over-payments, and proceeds of sale through the state government. You can also check with Services Australia to ensure your bank account details are up to date to receive any Medicare benefits you're entitled to.
It's important to note that you should not enter your personal details into any sites other than the official government websites when searching for unclaimed money. There are investigators and agents who offer fee-based recovery services, but they are not registered or regulated by the Department of Treasury.
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Check for lost money from deceased estates
If you are looking to check for lost money from deceased estates in Australia, there are a few options you can consider. It is important to note that unclaimed money from deceased estates is held by the State Governments. Therefore, you can start by contacting the relevant State Revenue Office or Public Trustee, which might list any lost cash from deceased estates, overpaid fees from real estate agents and government bodies, or credits from utility companies and retailers. For example, the SA Department of Treasury and Finance is the Public Trustee for South Australia, while the Tasmanian Department of Treasury and Finance handles unclaimed money for Tasmania.
You can also search for unclaimed money in old bank accounts, shares, investments, and life insurance policies through the Australian Securities and Investments Commission's (ASIC) MoneySmart website. This is a free service. Additionally, if you are the Executor of a Will you didn't know about, you can contact the State Governments directly, as they hold unclaimed money from deceased estates.
There are also businesses that provide a service to find any lost or forgotten money and assets of a deceased person. These businesses typically charge a percentage fee on any monies found, so be sure to clarify this before engaging their services. They will conduct searches on your behalf across all major Australian banks, superannuation accounts, and share registries.
Finally, if you are looking for lost superannuation, you can register for the Australian Taxation Office's online services on myGov.
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Update your bank details with Medicare
To update your bank details with Medicare, you can use your Medicare online account, the Express Plus Medicare mobile app, or call the Medicare Program on 132 011.
If you are using the online account, you will need to link your Medicare account to your myGov account. Here are the steps to do so:
- Sign in to myGov.
- Select 'View and link services'.
- Select 'Link' on the Medicare tile.
Once your accounts are linked, follow these steps to update your bank details:
- Sign in to myGov or the myGov app and select Medicare.
- From your homepage, select 'View and edit my details' in 'My details'.
- Select 'Edit' for the details you want to update.
- Navigate to 'Bank details' and select 'Edit' if you need to update your details.
- Type over the existing details with your new ones, including your account number.
- Check your new bank details are correct, then select 'Save bank details'.
- Check the changes are correct, then select 'Close'.
If you are using the Express Plus Medicare mobile app, follow these steps:
- Open the app and enter your myGov PIN.
- Select 'Update bank details' from the 'Tasks' menu.
- Select 'Continue'.
- Enter your bank details, then select 'Save bank details'.
If you do not have a myGov account or a Medicare online account, you will need to create them.
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Understand the escheatment process
Escheatment is the process of transferring unclaimed funds or property to a state government. In the context of lost bank accounts, this typically occurs when an account has been inactive for an extended period, usually between three to seven years. During this time, the bank may attempt to contact the account holder by sending letters to their last known address or publishing their name in a local newspaper.
If there is still no response from the account holder, the bank is required by law to turn over the account balance to the state. This is done through the National Association of Unclaimed Property Administrators (NAUPA) or the relevant state's unclaimed property office. Each state has its own escheatment laws and unclaimed property program.
Once the funds are transferred to the state, they are typically held in the state's treasury or consolidated revenue fund. The original owner or their heirs can still claim the funds at this stage, and there are processes in place to facilitate this. However, if the assets have been sold due to storage constraints, the owner or heirs can claim the proceeds from the sale.
It is important to note that the escheatment process may vary slightly between states, and different types of unclaimed property, such as lost shares or wages, may have unique claiming processes. Additionally, if the bank has failed or no longer exists, the FDIC or the assuming bank may hold the account or its contents, and they are also subject to escheatment laws.
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Keep good records of your accounts
Keeping good records of your bank accounts is essential for several reasons. Firstly, it helps you minimise losses, manage cash, and improve financial analytics. Additionally, accurate and up-to-date records are necessary to meet legal, regulatory, and taxation requirements. Here are some detailed instructions for maintaining good records of your bank accounts:
Choose a Record-Keeping System: You can opt for a manual bookkeeping system using ledger books or utilise digital options such as accounting software, web-based systems, or spreadsheets. Digital record-keeping is recommended by the Australian Taxation Office (ATO) and can simplify your record-keeping process, especially when integrated with online banking.
Capture All Income and Expenses: Ensure that you record all income and expenses related to your bank accounts. This includes money coming in, such as sales income and interest credits, as well as money going out, like expenses, bank fees, direct debits, and withdrawals.
Reconcile Your Records: Regularly reconcile your bank records to understand the money flowing through your account. This involves matching your records with bank statements to identify any discrepancies and ensure accurate reporting for tax purposes.
Maintain Records for the Required Period: Keep your bank records for the necessary duration. The ATO recommends retaining records long enough to cover the period of review, also known as the amendment period. For certain records, such as income tax documents, you may be required to maintain them for at least five years.
Store Records Safely: Ensure that you store physical and digital backup copies of your bank records securely. Physical records should be stored in a separate location from your primary business premises to protect against fire, theft, or natural disasters. Digital records should be backed up and stored securely to prevent unauthorised access and comply with privacy laws, such as the Privacy Act 1988.
Seek Professional Advice: Consult your accountant, bookkeeper, or tax agent for tailored advice on record-keeping practices. They can assist you in setting up a system that complies with legal and regulatory requirements specific to your business structure and industry sector.
By following these steps, you can effectively maintain good records of your bank accounts, ensuring compliance with regulations and improving your overall financial management.
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Frequently asked questions
You can search for unclaimed money in old bank accounts, shares, investments and life insurance policies through the Australian Securities and Investments Commission (ASIC) and other government websites. If your account has been inactive for seven years or more, it's generally deemed ‘lost’ and the funds are transferred to ASIC.
Escheatment is the process of transferring unclaimed funds or property to a state government.
People may lose track of their bank accounts when they change bank accounts, move houses and forget to change their address, or simply stop logging into an investment portal.
Australians may have lost money in superannuation accounts, deceased estates, unclaimed share dividends, salaries, cheques, over-payments, and proceeds from sales.
Keeping good records of your accounts can help prevent you from losing an account. It is a good idea to update your records about every year and ensure that your bank has your current address on file.
