Unclaimed money (UCM) is money from lost bank accounts, shares, investments and life insurance policies.
Bank accounts become unclaimed after 7 years if the account is inactive (no deposits or withdrawals). Life insurance policies become unclaimed 7 years after the policy matures and is not claimed.
Macquarie Bank is required to advise ASIC by 31 March each year of the details of each account which we intend to forward to ASIC as UCM. This information relates to the period ending 31 December from the previous calendar year. The accounts are closed and the monies forwarded to ASIC shortly thereafter and are held by ASIC/Commonwealth Government indefinitely or until it is claimed. Amounts of unclaimed money less than $500 cannot be sent to ASIC.
Unclaimed money received by ASIC is transferred to the Commonwealth of Australia Consolidated Revenue Fund but is available to be claimed at any time by the rightful owner and there is no time limit on claims.
Here are some ways your client can stop their money from becoming unclaimed:
Step 1: Find their lost money on ASIC’s Unclaimed money search and record their Original Transaction Number (OTN) to make a claim.
Step 2: Confirm their bank details by contacting us to begin the claims process. Generally for a client to initiate a claim for monies which were held in a CMA, we request the following:
Step 3: Once their claim is approved by us, we will submit a request to ASIC. It can take approximately four to six weeks for this process.
For more information, please visit bank accounts and bank dividends.
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