ASIC Unclaimed Monies – Financial Windfall Heading Your Way?
Did you know there are over $75 million dollars in unclaimed funds in Western Australia? This money has been accumulated from lost bank accounts, shares, investments and life insurance policies, which is available to be claimed by the rightful owner.
Could some of this cash be yours?
One former industry associate put on his Sherlock Homes hat and using a few random key words, such as “fisheries”, did a search on ASIC’s unclaimed monies site. It was only out of curiosity, but he soon discovered that this was just the start to the ASIC sleuthing process, like one of those suspenseful English British detective series – a mystery which needed to be solved.
With more than a few listings being of interest to the commercial fishing sector, this good Samaritan and slinky sleuth sent an email to WAFIC to advise of these findings and asked for us to contact a fellow industry member to let him know there was a nice little unclaimed bonus waiting for them to claim. Thanks to this research our industry member knows he can now access a nice (unexpected) financial top up.
Although time is precious, it goes to show that it is worth doing your own sleuthing on the MoneySmart website (https://www.moneysmart.gov.au/tools-and-resources/find-unclaimed-money) to see if you may find some forgotten funds that may have been lost or just plain forgotten. It is not a scam!
Unclaimed money is received by ASIC and held by the Commonwealth of Australia Consolidated Revenue Fund, with no time limit on claims. The ASIC website says the claims process can take up to 28 days.
WAFIC would like to thank our industry friend for conducting this research and for their consideration in notifying WAFIC of the unclaimed monies site.