Millions of funds wait to be reclaimed
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The corporate watchdog has launched a campaign to reunite Australians with $677 million in unclaimed money.
The Australian Securities and Investments Commission's (ASIC) data base of unclaimed money has risen to a record $677 million in 2012, an increase of more than $40 million from 2011.
The parcels of funds waiting to be reclaimed come from all states and territories, and include $992,750 from a dormant bank account in Carlisle, Western Australia, $195,268 from a deregistered company in Gilston, Queensland and $286,165 from a matured life insurance policy in Camberwell, Victoria.
"You might not know it yet, but you could have thousands of dollars sitting in an old bank account, shares, or a life insurance policy," ASIC Commissioner Peter Kell said.
The most unclaimed money is in NSW, followed by Victoria and then overseas accounts.
ASIC is urging those who may have moved without leaving a forwarding address, who have not made a transaction on an account for over seven years, or stopped making payments on a life insurance policy to check its MoneySmart website.
People who have noticed that regular dividend or interest payments have stopped arriving may also have lost funds.
During 2011, Australians recovered $56 million from ASIC's pool of unclaimed funds, and during 2012 33,022 parcels of unclaimed money have been added to the pool.