{"id":100395,"date":"2025-01-18T12:52:01","date_gmt":"2025-01-18T01:52:01","guid":{"rendered":"https:\/\/en.econostrum.info\/au\/?p=100395"},"modified":"2025-01-18T12:52:03","modified_gmt":"2025-01-18T01:52:03","slug":"lost-super-unclaimed-bank-funds-and-more-how-to-reclaim-thousands-today","status":"publish","type":"post","link":"https:\/\/en.econostrum.info\/au\/lost-super-unclaimed-bank-funds-and-more-how-to-reclaim-thousands-today\/","title":{"rendered":"Lost Super, Unclaimed Bank Funds, and More: How to Reclaim Thousands Today"},"content":{"rendered":"\n

Every year, billions of dollars in unclaimed money sit idle, waiting to be returned to Australians. From inactive bank accounts<\/strong> to lost superannuation<\/strong> and unclaimed Medicare<\/strong> benefits, these funds could make a real difference in the lives of many. Here\u2019s how you can check if any of this money belongs to you and claim it back.<\/p>\n\n\n\n

Billions Held by Asic<\/h2>\n\n\n\n

The Australian Securities and Investments Commission (ASIC)<\/strong> 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.<\/p>\n\n\n\n

The process to check and claim your money is straightforward:<\/p>\n\n\n\n

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  1. Visit Moneysmart.gov.au<\/a>.<\/li>\n\n\n\n
  2. Enter your name into the search tool.<\/li>\n\n\n\n
  3. Follow the instructions to claim any identified funds.<\/li>\n<\/ol>\n\n\n\n

    \u201cIt takes less than a minute to check,\u201d Kirkland explained. \u201cWe encourage everyone to take a moment to see if there\u2019s any unclaimed money waiting for them.\u201d<\/p>\n\n\n\n

    Medicare Benefits: $241 Million Waiting to Be Claimed<\/h2>\n\n\n\n

    Another substantial pool of unclaimed money comes from Medicare benefits<\/strong>.<\/a> A staggering $241 million remains unclaimed, often due to incorrect or outdated bank details.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.<\/p>\n\n\n\n

    To claim unpaid Medicare benefits:<\/p>\n\n\n\n

      \n
    1. Log in to Medicare through your myGov<\/strong> account.<\/li>\n\n\n\n
    2. Update your bank details.<\/li>\n\n\n\n
    3. Once updated, Services Australia<\/strong> will process and pay any outstanding benefits within three days.<\/li>\n<\/ol>\n\n\n\n

      Lost Superannuation: $17.8 Billion Unaccounted For<\/h2>\n\n\n\n

      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)<\/strong>.<\/p>\n\n\n\n

      To locate and consolidate lost super:<\/p>\n\n\n\n

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

        \u201cMost super funds can assist with consolidation,\u201d said Peter Treseder, education manager at AustralianSuper<\/strong>.<\/p>\n\n\n\n

        State and Territory Government-Held Funds<\/h2>\n\n\n\n

        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:<\/p>\n\n\n\n