Unused Bank Accounts

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What happens to Money in an Unused Bank Account.

Bank, Credit Union and Building Society Accounts that have not been used in 7 years, and contain a balance of $500 or more, have to be reported, and transferred, to ASIC, who hold this money until it is claimed by the owner.

This seven year period has increased from the previous three years.

Reclaiming Unused Bank Accounts.

If you have found your name on ASIC’s unclaimed money search and the money is from a bank account, you will need to approach the relevant financial institution. They are responsible for assessing the rightful owner of the funds.

If your claim is successful, the bank will notify ASIC, who will then release the funds to the bank, so the bank can then pay you.

Generally, ASIC will take up to 28 days, from the time the bank lodges the claim with ASIC, to release the funds to the bank on your behalf.

Source: moneysmart.gov.au

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