Unclaimed Money Could Be Yours

Reporter: Nicolas Boot

Executive Director of Consumer Protection at the Australian Securities and Investment Commission (ASIC), Greg Tanzer, said thousands of us could have forgotten money sitting around in lost bank accounts. We're talking about a very large amount of money," he said.

"For most people it might be money they were given when they were young."About 45 per cent of the money gets returned to its rightful owners." Any bank or building society account worth more than $500 and untouched for seven years ends up in the lost money fund. "The biggest unclaimed amount is an amount of $420,000," Mr Tanzer said.

Tony Villanti had a recent windfall from an account he had long forgotten about. "You don't expect it, it's a little bit of money you didn't know you had," he said. "We just went to the bank, got a form, filled it in and sure enough there it was."

The way to find your money is to log on to www.fido.gov.au/unclaimedmoney. Go to the website and you will get a full list of anything involving the full name.It is not just bank accounts, there is also unclaimed monies from life insurance policies and payouts as well as super.

You can search free at www.unclaimedsuper.com.au and www.ato.gov.au. Other companies also search for you but be aware, there may be fees involved.