Damon Mcknight
It is not uncommon to lose track of old bank accounts or other sources of money that are rightfully yours. In Australia, bank accounts are deemed lost or inactive if there has been no account activity for seven continuous years, after which the funds are transferred to the state. If you're looking to recover lost money in an old bank account, you can start by checking your old financial records, including bank statements, emails, and tax returns. You can also contact banks directly for assistance with locating accounts, or use the Unclaimed Money Search Tool on ASIC's MoneySmart website.
| Characteristics | Values |
|---|---|
| How to find old bank accounts in Australia | Contact the bank directly; they may ask for personal information such as name, address, or identification details |
| How long before a bank account is deemed lost or inactive | 7 years |
| Where does the money from inactive accounts go | The money is transferred to the Commonwealth of Australia Consolidated Revenue Fund |
| Where to search for lost money | ASIC's MoneySmart website, ChexSystems, or the state's unclaimed property department |
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What You'll Learn
Check old financial records and ChexSystems
To find old bank accounts in Australia, you can start by checking your old financial records and ChexSystems. ChexSystems is a national reporting agency that tracks consumer banking history, including closed accounts. You can request a free copy of your ChexSystems report by visiting their website, ChexSystems.com. This report will provide information on your bank account history, including closed accounts.
To request your ChexSystems report, simply go to the ChexSystems website and submit a request. You will typically receive your report within five business days. Once you have your report, review it carefully to identify any issues or inaccurate information. If you find any erroneous or fraudulent information, you have the right to dispute it by providing supporting documentation. ChexSystems will then investigate your dispute, which can take up to 30 days.
It's important to note that issues with your ChexSystems report can impact your ability to open new bank accounts. By addressing these issues and improving your financial standing, you can increase your chances of getting approved for new accounts. This may include paying off any overdue amounts and working to improve your credit history.
In addition to checking your ChexSystems report, you can also search for unclaimed money in Australia through the ASIC Moneysmart website. ASIC maintains a database of unclaimed money records, which includes funds from bank accounts, shares, investments, and life insurance policies. You can use their unclaimed money search feature to find out if you have any unclaimed funds in your name.
By utilizing these tools and resources, you can effectively search for old bank accounts and recover any unclaimed funds that may be rightfully yours. Remember, losing track of old bank accounts is common, and with a bit of effort, you can take control of your finances and ensure that your money is working for you.
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Search state unclaimed property offices
If you are looking for unclaimed money in Australia, you can search state unclaimed property offices. Unclaimed money can be any gross amount of $20 or more for general lodgements/funds, including share dividends, salaries and wages, rent and bonds, debentures and interest, and proceeds from a sale.
Each Australian state and territory is responsible for administering the unclaimed money lodged by businesses and trusts operating there. Here are some state-specific resources to help you find unclaimed money:
Victoria
The State Revenue Office of Victoria maintains the Victorian Unclaimed Money Register, which contains unclaimed money lodged since 1 July 1997. You can search the register for free and submit a complete application form to collect any unclaimed money that is legally yours. The unclaimed money application form is available within the register when you find and ‘claim’ an entitlement matching your search.
Western Australia
The Western Australian Department of Treasury maintains a searchable register of unclaimed money, which is governed by the Unclaimed Money Act 1990. You can search this register to find out if you have any unclaimed money owed to you by Western Australian organisations and government agencies.
Queensland
The Public Trustee of Queensland provides an online search tool to help owners of unclaimed money lodged with the Public Trustee locate their funds and make a claim for the return of those funds.
South Australia
The Australian Securities and Investments Commission (ASIC) publishes and holds money from lost bank accounts, shares, investments, and life insurance policies in South Australia. To search or submit an application, you can contact ASIC by phone or visit their website.
Australian Capital Territory
The Australian Capital Territory Public Trustee and Guardian, and the ACT Government Treasury are the relevant agencies to contact for searching for unclaimed money in the ACT.
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Contact banks directly
If you are trying to locate an old bank account in Australia, one of the simplest ways to do so is by contacting banks directly.
Start by reaching out to the bank and asking if they have an account in your name. If you are looking for someone else's account, the bank will likely ask for documentation to prove that you have the right to access the information, such as a power of attorney or death certificate. The bank may be able to tell you what happened to the account. It may still be at the bank, or maybe the owner closed it years ago. Banks are legally required to turn over any assets in inactive accounts to the state after a certain period of time, typically between three to seven years of inactivity.
To help the bank staff in their search, you may need to provide some personal information, such as your name and address (possibly an old address that appears on their records) or identification details. If you have accessed the bank account within the past year, you might be able to recover the account directly from the bank.
If the bank doesn't have any record of the account, you may need to check with the state. You can search online for your state's unclaimed property department or start with the Financial Conduct Authority's (FCA) unclaimed property information. If you find your missing property, you can file a claim with the state, but be prepared to prove your identity to claim it.
It is important to keep good records of your accounts to prevent losing an account in the first place. Update your records about every year, including information about accounts that you have closed or moved to another institution. Make sure your bank knows how to contact you, and update them with any changes of address.
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Use ASIC's MoneySmart website
In Australia, bank accounts are considered lost or inactive if there has been no account activity for seven continuous years. If you're looking to find old bank accounts in your name, one of the simplest ways is to contact your old banks and lenders individually and enquire if your name is still in their records. To help the bank staff with their search, you may need to provide some personal information, such as your name, address, or identification details.
Another option is to use ASIC's MoneySmart website, which has an Unclaimed Money Search Tool. ASIC maintains and publishes a database of unclaimed money records, helping people find and claim their lost money. The website is secure, and the rightful owner can claim their money at any time, with no time limit. To use the tool, enter your name, and the tool will display unclaimed balances relating to that name. If you find an inactive bank account with unclaimed money, you can record your Original Transaction Number (OTN) to help you find the record again in the future. You can then confirm the bank's details and contact them to process your claim.
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Check bank account details online
It is not uncommon to lose track of an old bank account, especially after moving residences. If you have lost track of a bank account that belongs to you, there is no need to panic, as there are several ways to locate it. Here are some ways to check your bank account details online:
Check Old Financial Documents
Firstly, you can check your bank account details by referring to old financial documents. These may include bank statements, old cheques, correspondence/emails, and tax returns. These documents should contain your account information.
Use Online Tools
You can use online tools to check if your bank details are correct. For example, the Australia BSB Number tool checks the validity of your BSB code based on its database of unique BSB numbers. Similarly, Westpac offers an online Account Detail Validation tool that instantly confirms if the account details you input are correct.
Check with the Australian Taxation Office (ATO)
If you have a myGov account linked to the ATO, you can update your financial institution details online. This can help you keep track of your bank accounts and ensure that your details are up to date.
Check with ASIC
The Australian Securities and Investments Commission (ASIC) maintains and publishes a database of unclaimed money records, which helps people find and claim their lost money. You can use their unclaimed money search on the Moneysmart website to see if you have any unclaimed money and find out how to make a claim.
Contact Banks Directly
If you cannot find your bank account details through the methods above, you can contact banks directly for assistance with locating accounts.
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Frequently asked questions
You can use the Unclaimed Money Search Tool on the Australian Securities and Investments Commission's (ASIC) MoneySmart website. Simply enter your name, and the tool will show you unclaimed balances relating to that name.
The bank's unclaimed money officer will tell you what information you need to provide, which may include a driver's license, passport, bank statements, or passbook.
You can search online for your state's unclaimed property department or start with the FDIC's unclaimed property information.
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