$1.1 billion in forgotten money – some of it could be yours

Did you know that if you leave your money untouched for 7 years in a bank account (with no deposits or withdrawals), shares, investments or even unclaimed insurance policy money owed to you it all gets transferred to the Commonwealth of Australia Consolidated Revenue Fund? There it stays, all lost and lonely, until its rightful owner comes to collect it. Currently there is $1.1 billion dollars in that fund right now. How did it get there you say? Simple, people just forget. the move house and the company owing them the money can’t find them and so on. Take me as an example. While I was researching https://moneysmart.gov.au/find-unclaimed-money (the website you need to go to find forgotten money) I popped in my name in the search area to see what happened. To my absolute surprise I found that I actually had over $1,000 dollars owing to me from some shares I bought 20 years ago! Did I feel dumb that I could let that slip? You bet. Did I feel happy I found it? Absolutely. #bonusfind! Especially now during COVID-19 where every extra dollar can come in handy. Don’t get me wrong getting this money into your hand its not as simple as popping your name into a search engine, there is a bit of paperwork required to get the money. But stay with it as you may get a little bonus. While you are on a roll reclaiming what’s yours, head on over to www.my.gov.au and Click on manage My Super (you may have to set up a link to the ATO first) or call 13 28 65 to see if any of the $17.5 billion in lost super is yours. Be prepared once again to fill in a fair bit of information but once again you could be surprised to find you have some lost super money. You could also ask your financial planner if you have one to do this for you or contact your Super Fund as they may have a service for you to do this. On most occasions you will then have to transfer it into your current super account. But, better to have it in your super earning you money than sitting in a Government fund.

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