$71 million in unclaimed cash sitting in Queensland accounts
Cash galore ... millions of dollars remain unclaimed. Photo: Louise Kennerley
Queenslanders are entitled to more than $71 million in unclaimed cash, including money stashed away in dormant bank accounts.
The Australian Securities and Investments Commission reports Queenslanders’ pool of unclaimed money is $71,154,678 – up 3 per cent since 2010.
The average amount is $608, but Queensland’s top three parcels of unclaimed money are considerably larger.
There is $204,609 in a Commonwealth Bank joint account in Raby Bay and $203,604 in a company account with the Commonwealth Bank in Brisbane.
In Gilston on the Gold Coast, meanwhile, there is $195,269 in unclaimed cash from the take-over of Southern Star Group Limited.
Nationally, there is now a record high $636 million in unclaimed money.
The largest parcels include $992,750 in a Perth individual's bank account and $718,151 belonging to a Melbourne-based "lost shareholder" of grain seller AWB Ltd, which was taken over last year.
You could be a relative or other type of beneficiary entitled to one of the 975,231 parcels of money the Australian Securities and Investments Commission (ASIC) has on its database.
People can search for themselves for unclaimed money via ASIC's MoneySmart website, ASIC's Delia Rickard said.
"There is more money in the unclaimed money pool than ever before, so even if you've already searched, you should look again," Ms Rickard said in a statement.
The average parcel of money was $652 and last year Australians recovered $62 million, she said.
Those with unclaimed money include:
• people not making a transaction on their cheque or savings accounts for more than seven years;
• those who have stopped making payments on a life insurance policy;
• those who have moved without leaving a forwarding address;
• those who have noticed that regular dividend or interest cheques have stopped coming;
• executors of deceased estates.
Log into ASIC's free online database at www.moneysmart.gov.au, follow the link to unclaimed money, and type in your name.