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Thread: ASIC unclaimed money, time to check from 1st of July 2013, find your cash on moneysmart website

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    Gav
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    ASIC unclaimed money, time to check from 1st of July 2013, find your cash on moneysmart website

    For those that haven't been keeping up with what's happening with dormant bank accounts, often refereed to as unclaimed money the rules have changed from today 1st of July 2013 that it's no longer 7 years before ASIC take control of the money but has significantly dropped to 3 years.

    It's worth checking if you have any unclaimed money from dormant bank accounts you may be in for a surprise.

    How to find out if you have any cash you forgot about:
    head over to https://www.moneysmart.gov.au/tools-...nclaimed-money for information about it, it will take you to the unclaimed money search page here: https://www.moneysmart.gov.au/tools-...d-money-search and put in your details. For those that knew the old ASIC website the page that used to be edge.asic.gov.au/unclaimed has moved to the moneysmart.gov.au and is now linked above.

    My experience with the Moneysmart unclaimed money page:
    I just used the moneysmart website to do a search, it was incredibly easy just entered my name, make sure you try all names you've used in the last 7 years, and came across: $4909.77, sadly it wasn't mine , in some ways it's good news as I have nothing listed and haven't had money sitting dormant for a while.

    I was a little surprised as I knew I had a Commonwealth bank account with $17 in it and they wanted $20 for me to close the account and once the tellers at my local bank knew I wanted to close it they wouldn't let me get my money out, and there wasn't enough to use an ATM, I was young and stupid and didn't pursue it and just left it, guess Commonwealth bank's fees swallowed the entire balance.

    I now only use free bank accounts to do my banking now as I never want that to happen again!
    shopaholic likes this.



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    Senior Member shopaholic's Avatar
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    Found no money for me either
    I love to shop!


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