Australians missing out on $1 billion in lost cash
More than a billion dollars in unclaimed cash is locked away in accounts across the country, and those who own it might not even know it exists.
Officials say they have a list of one million names, and some are owed thousands of dollars.
When Emma Jane tracked down over $800 in lost shares she was over the moon.
“I thought it was a great bonus and a great little kick start for me,” she said.
Margarat Ali-Khan found $6000 in lost cash.
“I just forgot about it really, so it’s great she said.
In Australia there is over one billion dollars in unclaimed cash, more than $650 million in bank accounts and millions more in shares and life insurance all waiting to be collected.
The money can often remain dormant for years.
In South Australia some $35 million is sitting unclaimed in various accounts. The overwhelming majority of it is in Adelaide, $1m in the outer suburbs and another cool mil is in the south east.
The MoneySmart website is the easiest way to check if any of it is yours.
Simply clicked on the ‘Unclaimed Money Search’.
Miles Larby from Australian Securities and Investment Commission said entering a name would reveal if there was money waiting for you.
“Last year we were really happy to reunite someone with unclaimed money of over $130,000,” he said.
“Do a quick search. If you find money, as I say, it’s better in your pocket than in anybody elses.”
