ASIC holds $1.93b in unclaimed funds from old financial accounts

The largest single amount currently unclaimed is around $927,000 (A$1.3m).

Approximately $1.93b (A$2.7b) in unclaimed money is now held by the Australian Securities and Investments Commission (ASIC).

ASIC holds unclaimed money when banks, insurers, and companies are unable to return funds to their owners after seven years. These include lost shares, bank accounts and life insurance.

Some of the money has remained unclaimed for decades, with records dating back to the 1950s, ASIC said in a 15 May online post.

The largest single amount currently unclaimed is around $927,000 (A$1.3m).

Any claims related to old bank accounts under A$500 should be made with the bank. Meanwhile, any unclaimed amount more than $500 sits with ASIC.

There is no deadline to make a claim, meaning customers can search and claim at any time, ASIC said. Customers can visit the Moneysmart website's unclaimed money page to make a search.

Unclaimed money typically arises when people lose contact with financial institutions or investment companies after moving house, changing their name, or simply forgetting about an account over time, ASIC said.

(US$1 = A$1.40)