More and more people are trawling the Federal Government’s unclaimed money database amid rising inflation and tightening cost-of-living pressures.
The latest figures from the national unclaimed money database show search inquiries have spiked 74 per cent compared with a year ago.
The financial regulator holds $2.7 billion of unclaimed funds.
Numbers released by the Australian Securities and Investments Commission on Friday show visits to the Moneysmart unclaimed money page rose 74 per cent in March compared with the same month last year.
The largest single unclaimed amount is $1.3 million. Changes over a decade ago mean some unclaimed money has also been accruing interest since July 1, 2013.
The $2.7b held by ASIC includes money from old bank accounts, shares and insurers dating back to the 1950s.
The banks, trading platforms or insurers need to hold your money for seven years after all contact with the customer is broken; after that, ASIC holds the funds.
Anyone searching Moneysmart for unclaimed money should avoid private claiming services that charge a fee. To get your unclaimed money back, you need ID, documents linking you to the name and address on the record, and the transaction number that pops up alongside the unclaimed funds.
Originally published as ASIC unclaimed money hits $2.7bn
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