Every year tens of millions of dollars end up in various Federal and State Revenue offices.
There are currently over 1 Billion dollars in unclaimed money waiting to be reunited with its rightful owners. Government agencies do not have the resources to trace the owners of these enormous sums of money.
The good news is that there is no time limit on claims and unclaimed monies can be refunded to the rightful owner at any time.
If you move premises and do not update your details with your financial institution or insurance company the chances are that you will have funds end up as unclaimed money.
See attached infographic from ASIC with NSW leading the way with $380M, Victoria $197M and Queensland $112M.
Types of lost money include bank accounts $617M, shares 451M and life insurance $81M. In the case of life insurance, my experience shows me that when people entered the workforce many years ago there was a culture of the importance of life insurance. As such many policies were taken out and serviced over years. With life changes including moving to other employment, traveling, relocating overseas or interstate these, at the time relatively small amounts, were quite simply forgotten.
Consequently, the policy eventually matures and if not claimed within 7 years after maturity it becomes unclaimed money.
Similarly with dormant bank accounts. If an account remains inactive i.e. no deposits or withdrawals over 7 years then these funds will find their way into unclaimed money.
Forgotten shares also feature prominently in the unclaimed money coffers. Similar to life insurance policies these are often just forgotten as we move through our ever increasingly busy life.
Claim Your Money!
Source By: Unclaimed Money Recover Agents
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