What Is Unclaimed Money?
When a company, solicitor or Government department tries to make a payment to you but the cheque is not cashed - or they are unable to find you - the money may be classified as unclaimed.
Businesses are required by law to turn unclaimed funds over to be held in trust accounts by the Government until the money is claimed.
If the money is left unclaimed for too long, the Government determines that the funds are now theirs and they are absorbed into consolidated revenue.
Examples of unclaimed money include:
- Uncashed Cheques
- Old Savings & Cheque Accounts
- Share Dividends
- Payroll Checks
- Tax Returns
- Investment Accounts
- Insurance Policies
- Security Deposits
- Lotto winnings
In Australia today, there are billions of dollars in unclaimed funds being held in trust accounts for hundreds of thousands of people.
Most have no idea they have any money owing to them. Even fewer take steps to reclaim it.