Lost Super, Unclaimed Bank Funds, and More: How to Reclaim Thousands Today

Every year, billions of dollars in unclaimed money sit idle, waiting to be returned to Australians. From inactive bank accounts to lost superannuation and unclaimed Medicare benefits, these funds could make a real difference in the lives of many. Here’s how you can check if any of this money belongs to you and claim it back.

Billions Held by Asic

The Australian Securities and Investments Commission (ASIC) currently holds $2.3 billion in unclaimed funds. This includes money from inactive bank accounts, shares, investments, and life insurance policies. According to ASIC commissioner Alan Kirkland, these funds can range from a few dollars to over a million.

The process to check and claim your money is straightforward:

1. Visit Moneysmart.gov.au.
2. Enter your name into the search tool.
3. Follow the instructions to claim any identified funds.

“It takes less than a minute to check,” Kirkland explained. “We encourage everyone to take a moment to see if there’s any unclaimed money waiting for them.”

Medicare Benefits: $241 Million Waiting to Be Claimed

Another substantial pool of unclaimed money comes from Medicare benefits. A staggering $241 million remains unclaimed, often due to incorrect or outdated bank details. The average Australian is owed about $260, but some individuals are entitled to sums exceeding $10,000.

To claim unpaid Medicare benefits:

1. Log in to Medicare through your myGov account.
2. Update your bank details.
3. Once updated, Services Australia will process and pay any outstanding benefits within three days.

Lost Superannuation: $17.8 Billion Unaccounted For

Superannuation is another area where money often goes astray. As Australians change jobs, names, or addresses, superannuation accounts can be forgotten, leading to a massive $17.8 billion in lost super. This unclaimed money could be held by your super fund or the Australian Taxation Office (ATO).

To locate and consolidate lost super:

1. Log in to your myGov account and navigate to the Super section.
2. Use your Tax File Number to see a list of all your super accounts.
3. Consolidate funds directly through the platform or by contacting your super fund.

“Most super funds can assist with consolidation,” said Peter Treseder, education manager at AustralianSuper.

State and Territory Government-Held Funds

In addition to ASIC and Medicare, unclaimed money may also be held by your state or territory government. The following organizations can help you check for funds:

• ACT: Public Trustee and Guardian
• NSW: Revenue NSW
• NT: Northern Territory Treasury
• QLD: Public Trustee of Queensland
• SA: South Australian Department of Treasury and Finance
• TAS: Tasmanian Department of Treasury and Finance
• VIC: State Revenue Office of Victoria
• WA: WA Department of Treasury

Each state and territory has its own system for handling unclaimed funds, so visit their official websites for more details.