Unclaimed money 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.
Macquarie accounts that may be impacted
- Macquarie Cash Management Account
- Macquarie Cash Management Account linked to an Investment Wrap Account
- Macquarie Consolidator Cash Account
- Macquarie Wrap Cash Account
- Macquarie Cash Management Accelerator Account
- Macquarie Vision Cash Account
- Macquarie Vision Savings Account
- Bell Potter Cash Management Service
- Macquarie Transaction Account
- Macquarie Savings Account