LOST FUNDS

HOW IS MONEY LOST?

There are different categories that lost money falls under, these being mainly financial institutions, businesses and private individuals.

FINANCIAL INSTITUTIONS

· Financial institutions include unclaimed bank accounts that have been left inactive (no deposits or withdrawals). Life insurance policies that become unclaimed. Building societies and rental agencies where people have moved and become uncontactable by the various trust funds.

Businesses

Sole traders or large organisations funds are placed in “Government Trust” accounts after remaining unclaimed for a number of years. This is mainly money that is “forgotten” during a takeover or security deposits or unclaimed cheques. 

INDIVIDUALS

The term “lost money” is misleading as it is really there to be found. This money is deemed lost if there is not enough information available to return it to the rightful owners. Places like superannuation funds, real estate agents, unpaid salaries or unclaimed cheques is where most of this money can be forgotten.

A huge portion of the lost money has been unclaimed for more than 7 years. Part of a deceased estate may be unclaimed as relatives are unaware of this amount owing to them.

 Although this figure constantly changes as thousands of dollars are added to it daily, it is estimated that $1.5 billion of lost money stands to be claimed from government revenue, shares, investments and life insurance policies to name but a few. 

It's estimated that 1 in 3 Australians actually have money owing to them, without their knowledge. Every day, people and businesses leave cash in financial institutions, insurance companies, and with government authorities. It’s human nature to forget and even the best-kept records can have gaps. As unbelievable as it sounds, it happens constantly and money falls through the cracks. 

These funds are sitting in the trust accounts mostly because there is not information attached to the funds to be able to return it to its rightful owner. This is because this process can be complex and difficult to navigate. While it is the best choice to use Registered Refunds in assisting you to claim your funds it is essential, that the recipient of the unclaimed funds is unquestionably the rightful owner of the money and all identification documentation is provided.