How to Find and Claim Unclaimed Bank, Share or Life Insurance Money in Australia

Where do you search for unclaimed money?

The official starting point is the Moneysmart Unclaimed Money Search. Moneysmart is operated by ASIC and the search covers records supplied by banks, building societies, credit unions, life companies, friendly societies and registered Australian companies.

The search itself is free. Moneysmart warns that private services may offer to help with claims and charge a fee even though they follow the same process you can use yourself.

Each unclaimed money record has an Original Transaction Number (OTN). Record this number when you find a possible match because it identifies the record and is needed when making a claim.

Why does money become unclaimed?

Different legal rules apply to different types of money. A bank account can become unclaimed after it has been inactive, with no deposits or withdrawals, for 7 years. ASIC's search includes unclaimed bank, credit union and building society accounts that have not been used for seven years and contain a balance of $500 or more.

Life-insurance money can become unclaimed when money payable under a policy remains unclaimed for seven years after the policy matures. For shares and investments, unclaimed money can arise where a company cannot contact a shareholder for more than six years, a managed investment scheme cannot contact a member for more than six years, or in situations such as compulsory acquisitions, company liquidations and the winding up of managed investment schemes.

Money transferred to ASIC remains claimable by the rightful owner. There is no time limit on claiming it.

How do you claim unclaimed bank-account money?

If the search identifies money from a bank account, you do not claim the money directly from ASIC. Contact the bank that originally held the account and ask for its unclaimed money team.

The bank's process can vary. It should explain what documents are required and verify your identity and entitlement. For unclaimed money lodged under the Banking Act, ASIC can process a consumer claim only after the authorised deposit-taking institution submits it. Once ASIC has assessed the claim, the money can be returned through the institution, and the bank arranges payment to you.

Moneysmart maintains a list matching former banks, building societies and credit unions with current contact details, which is useful if the institution has changed its name or ownership.

How do you claim money from an old life insurance policy?

The process for life-insurance money is similar to bank money. Contact the life insurer that originally held the policy and ask for its unclaimed money team.

The insurer tells you what evidence it requires and verifies your identity and entitlement. For unclaimed money lodged under the Life Insurance Act, ASIC can assess the claim only after the relevant life insurer or friendly society submits it. If ASIC approves the claim, the funds are returned through the insurer, which then arranges payment to you.

Moneysmart provides current contact details alongside former insurer names, helping where an old insurer has merged or changed name.

How do you claim money from shares or investments?

If your search result is listed as Company money, the route is different: you can generally make the claim directly to ASIC.

First record the OTN. You then need documents proving your identity and your ownership of, or entitlement to, the money. For many claims, ASIC requires a certified copy of an official notice showing an address you used in the suburb displayed on the unclaimed money record. ASIC compares the evidence with the full address and company or shareholding information in its records.

The correct form depends on who is claiming. Claim form A - Ownership is used for categories including an individual owner, joint shareholders, relevant company officeholders, a liquidator, registered business proprietor or parent of a minor. Claim form B - Representative is used for categories including an executor or administrator of a deceased estate, trustee, person acting under a power of attorney or court-appointed guardian. Certain money recorded under section 1017E has a separate statutory declaration process, subject to the exceptions specified by ASIC.

Send the completed form and supporting documents according to the instructions on the claim form. ASIC states that a correctly documented claim generally takes up to 60 days to process. Processing takes longer if you are outside Australia.

What proof do you need for a direct ASIC claim?

For direct ASIC claims, the exact documents depend on your legal relationship to the money. An individual owner generally needs the completed and witnessed Claim form A, current identification and proof of the address or connection to the company.

ASIC requires either two certified copies of primary identification, or one certified primary and one certified secondary identification document. Examples of primary identification include a current driver licence or current passport. Examples of secondary identification include a current Medicare card and a birth certificate. Copies must meet ASIC's certification requirements.

You also need evidence linking you to the address associated with the unclaimed money. Examples ASIC accepts can include a bank statement, council rates notice, government correspondence, utility bill, dividend advice or takeover notice. Only limited address information appears publicly in the search, so your evidence must correspond to the underlying address ASIC holds.

If your name has changed, additional evidence may be required, such as an official marriage certificate or change-of-name certificate.

Can you claim money belonging to someone who has died?

Yes, but additional estate evidence applies. For a direct ASIC Company money claim, an executor or administrator uses Claim form B and provides the required identification, proof of address or company connection and estate documents.

If probate has been granted, ASIC requires a certified copy of the probate documents including the full will, with an additional Registrar's Certificate requirement applying to relevant South Australian estates. Where there is a will but no probate, ASIC requires certified copies of the death certificate and will; if the funds exceed $20,000, probate must be obtained and supplied with the claim.

If the person died without a will and probate or letters of administration have not been granted, ASIC has a separate initial assessment process and may require information about beneficiaries, the estate value, place and date of death, the deceased's usual residence and confirmation from the relevant Probate Office.

Do you receive interest on unclaimed money?

Interest is payable on eligible unclaimed money held by ASIC from 1 July 2013. The applicable interest period begins from the date shown in the unclaimed money search record and runs to 14 days after approval of the claim. Moneysmart states that no tax is paid on this interest.

There are exceptions. For example, interest is not paid on records categorised as Company gazette because the company has provided details to ASIC but not the money itself; that money must be claimed from the company.

What if the search does not find the money?

If you believe money is missing but it does not appear in the ASIC-administered search, contact the institution that you believe held it. ASIC states that all unclaimed-money records it receives are displayed through the search, but it does not have access to records held by other agencies or institutions.

Some lost money belongs in a different government system. Lost superannuation is handled through the Australian Taxation Office rather than this ASIC claim process; see the separate guide to finding lost super. State and territory governments can also hold money from sources such as deceased estates, lost dividends, wages, cheques, overpayments and proceeds of sale.

What if the bank account is very old?

ASIC's online records include savings-bank records from 1989, trading-bank records from 1959, and credit-union and building-society records from 1992. Moneysmart advises that if a credit union or building society account was last accessed before 1992, you should contact the office of state revenue or state treasury in the state or territory where that institution was originally registered.

This means the federal ASIC search is an important starting point, but it is not a complete search of every type of unclaimed money held by Australian governments.

Do you need to pay a company to recover the money?

No. Finding and claiming the money yourself through the government process is free. Private claim services can charge fees even though they use the same government claim process available to you.

If you choose professional help, Moneysmart recommends dealing with a registered professional such as a lawyer, accountant or financial adviser. For most straightforward records, start with the free government search and follow the claim route identified for that type of money.