Special report on lost money in Australia.
In Australia many individuals and corporations become entitled to money from lost shares, lost superannuation, uncollected rental bonds and unpresented bank cheques.
Find My Super has been finding and consolidating lost super since 2000.
In that time we have located and rolled over in excess of 600 million dollars.
As an extension to this service we have helped people locate other lost accounts that thru our find my money service.
We provide a free search facility and then only charge a fee if people need assistance with completing the paperwork and communicating with the financial institution or share registry.
The main issues and reasons why so much money is unclaimed is because people change address so often or they forget that they may become entitled to money as a result of a special share issue or even a takeover in a company that they have shares in.
Also, a common issue is bank accounts that a closed or inactive and people simply forget about them.
The big issue
The biggest issue is not Bank accounts but the number of shares that people are entitled to but the dividends are paid by the Company but held by ASIC as lost money.
It is anticipated that close to 3% of the whole share market could be lost. That is the shares that do not have a owner that can be reached sit idle waiting for the owner. They still attract dividend payments that end up with ASIC as lost money but the shares still remain on the share register in most cases.
ASIC have $294,360,445 in unclaimed dividends. If you considered what the total value of the shares are based on a dividend returning 5% of the share price then the total value of shares could be $5,887,200,000.
Search the unclaimed money gazette
If your name is listed on ASIC’s Unclaimed Money Search as a ‘gazette’ record, this means a company has sent ASIC your name but not the money. You will need to search the list below to get details of the company you may have lost shares in.
The full gazette is listed for clients to view. Just enter your name and address and we will search it for you.
Please find below some interesting statistics on lost money and where it comes from.
|Unclaimed monies (as at 30 June 2012)|
|Life Insurance Act||306,632||$52,385,013||$52||$170|
|Corporations Act – Deregistered Trustees||50||$642,135||$0.64||$12,842|