Unclaimed Money Left Behind
Unclaimed Money Left Behind
Have you left some Unclaimed Money behind while travelling abroad?
It can be hard to keep track of money when you are moving. Visiting another country for an extended stay or investing while in another country. If you open a bank account or make an investment in a foreign country, there is a chance for some of your money to go missing. What do you do to stop your money from going unclaimed? First, let’s take a look at what unclaimed money is.
Much like a $100 lying on the street, unclaimed money is money that is left behind in a lost bank account, investments, shares, deposits, refunds, life insurance policies and much more that no one can legally lay claim to. This money is lost when individuals change their residence or personal details without updating their financial institution with a forwarding address or current information.
How Long It Takes For Money To Become Unclaimed?
According to ASIC, a bank account in Australia becomes unclaimed if it hasn’t been in use for as long as seven years. Meaning; no withdrawal or deposit has taken place with regard to that particular bank account for over a period of 7 years. This period of time can be extended up to 10 years in certain parts of the world. Regardless of the amount of time it takes for the money to go unclaimed, various procedures are already well and truly in place to get your money back.
Additionally, it is also worth mentioning that the money received by ASIC, which has been left unclaimed in a bank account for over seven years, can be claimed by the rightful owner at any time. There is no time limit to claim the unclaimed money, given that the rightful owner claiming it has the right documents to verify their identity and know where the money is.
How to Claim Lost Money?
This can be easily done by using various unclaimed money portals online and services provided to you by companies, such as Unclaimed Money Agents / Professionals.
All the required information regarding lost money can be collected through these professionals. They can tell you the right amount that has gone unclaimed and help you claim it back.
Money Catch collects all the unclaimed money in Australia and combines it all together in one searchable online database. We have over 30 unclaimed money databases. The Free search can be found on our site and if you are on our website between 9am to 5pm, Monday to Friday you can connect with us over our chat feature online where we can assist you with your search.
Have you received a letter from another unclaimed money agent? We provide the best fees, service and have been operating for over 10 years. The Unclaimed Money industry is unregulated in Australia so make sure you are dealing with credible, legal unclaimed money professionals, like Money Catch who are approved by the NSW Police and NSW Government.
Is There any Interest Paid on Unclaimed Money?
If you are wondering whether or not there is interest associated with unclaimed money, then the answer is yes, but not on all types of unclaimed money. From 1 July 2013 when unclaimed money is paid to a claimant, the Commonwealth of Australia will also pay interest to the claimant on certain types of unclaimed money owing, like banking for example. The amount of interest and the method of calculating the interest will be determined by Regulations.
How To Keep Your Money From Being Unclaimed?
When it comes to your bank account, it is quite easy to keep your money from becoming unclaimed. All you have to do is make sure that you keep withdrawing or depositing money to your account, transferring an amount as small as 5 cents will prevent your account becoming unclaimed.
Keeping in contact with the institution that holds your money, life insurance policy or similar financial product, by ensuring that they have your current contact details, will assist the institution in raising such matters with you.
The Bottom Line
There is always a way to claim your lost money back, at the same time, there is also a way to ensure that the money never gets lost in the first place.
If you have lost your unclaimed money, you can always count on us! We are the Leading Unclaimed Money Professionals in Australia. No other unclaimed money agent has the data that we hold as an Unclaimed Money Business. Don’t go to the rest, come to the best.
Licensed to operate in Unclaimed Money and we hold a Master CAPI Security License that gives us permission to search and locate people and financial documents.
We have the Largest Database of Unclaimed Money online, FREE Search.
We are always here for you and are ready to be at your service.
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