ASIC has launched a campaign to reunite thousands of residents, businesses and clubs with lost funds.
ASIC has launched a campaign to reunite thousands of residents, businesses and clubs with lost funds. Barry Leddicoat

Gladstone residents miss out on thousands of lost dollars

GLADSTONE residents are sitting on thousands of dollars in missing money as the amount of unclaimed money nationwide reaches a record $677 million.

A national campaign by the Australian Securities and Investments Commissionhas kicks off today to reunite Australians with their lost money.

Two clubs in Gladstone can claim more than $1000 in lost funds.

ASIC Commissioner Peter Kell said the national database of unclaimed money was an increase of more than $40 million from 2011.

"This year, more than 33,000 parcels of money have been added to the database and are awaiting collection," Mr Kell said.

"You might not know it yet, but you could have thousands of dollars sitting in an old bank account, shares or a life insurance policy," Mr Kell said.

New South Wales has the most unclaimed money, followed by Victoria and overseas accounts.

Aside from overseas records, WA has the highest average amount of unclaimed money.

Money can become lost when residents or businesses move without leaving a forwarding address, haven't made a transaction on cheque or savings account for over seven years, stopped making payments on a life insurance policy, have noticed that regular dividend or interest cheques have stopped coming or were executor of a deceased estate.

To see if you have unclaimed money, go to moneysmart.gov.au, click on "Unclaimed money" under Quick Links and type in your name.
 



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