Unclaimed money
When money remains in a bank account for more than 7 years without being transacted upon, it becomes Unclaimed Monies.
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Financial institutions are required to forward Unclaimed Monies to the Australian Securities and Investment Commission (ASIC). This money can be claimed back from ASIC by the owner of the funds through visiting your local branch and completing an Application to Claim Unclaimed Money form, which the branch will submit to ASIC on your behalf.
To prevent a bank account becoming Unclaimed Money, simply make a small deposit or withdrawal at least once every 7 years. If you move or change contact details, let us know so we can contact you when needed.
When making a claim for Unclaimed Money, the onus is on the bank to satisfy itself that the claimant is the owner of the account. For this reason, appropriate identification will be requested to confirm you are the rightful owner. Once a valid claim is received by ASIC, funds will usually be returned to the bank within 6 to 8 weeks.
