Claim money from bank accounts and bank dividends
Bank accounts and other money from
banks
If you have found your name on ASIC's unclaimed money search and
the money is from a bank account, here's how you can claim the
money. We also explain what bank account money ASIC holds and how
far back our database goes.
How to claim bank account
money
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. ASIC
will then release the funds to the bank so the bank can then pay
you.
How long will your claim take?
You will need to check with the bank to find out how long it
will take to process your claim. Generally, ASIC will take up to 28
days from the time the bank lodges the claim with us then we will
release the funds to the bank so they can pay you.
The claims process
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Step 1
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Record your Original Transaction Number
(OTN)
If you found your name on ASIC's unclaimed money search , then
you would also have seen a unique Original Transaction Number (OTN)
relating to your claim.
Please note down your OTN. You will need your OTN to make
a claim.
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Step 2
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Confirm bank details
Check our list of
banks, building societies and credit unions to find out
which one you need to contact to claim on your old bank
account. For a complete list of banks, building societies and
credit unions that are authorise to operate in Australia, see
the Australian
Prudential Regulation Authority's list of Authorised Deposit
taking Institutions.
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Step 3
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Contact the bank
Speak to their 'unclaimed money officer' to begin the claims
process. They will tell you what proof of claim documents you need
to give them (driver's licence, passport, bank statements,
passbook) to prove who you are and your right to the money. The
proof will vary from case to case and the bank will decide what it
requires.
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Step 4
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Bank processes your claim
Once your claim is approved by the bank and they have contacted
ASIC, it usually takes 28 days to release the funds to the bank so
they can pay you.
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What bank account money is held by
ASIC
ASIC holds money from bank, credit union and building society
accounts that have not been used in 7 years and contain a balance
of $500 or more. On 31 December 2015 this changed from 3 years. To
find out more see changes to unclaimed money laws on the
ASIC website.
With savings bank accounts, ASIC's unclaimed monies online
search database goes back to 1989. Trading bank accounts go back to
1959. With credit union and building society accounts, our database
goes back to 1992.
If you think the account you are looking for was last accessed
before 1992, you should contact the state or territory government's
office of state revenue or state treasury where the bank, credit
union or building society was originally registered. For example,
if the credit union or building society was registered in NSW, you
will need to go to Revenue NSW. If you are unsure where the bank
was registered you should contact them to find out.
Australia's unclaimed money
See our unclaimed money infographic
to find out:
- how much is waiting to be claimed in each state, and
- how people lose track of their money.
Deregistered
company accounts with Westpac, Bank of Melbourne, BankSA and St
George
In August 2018, Westpac Bank, Bank of Melbourne, BankSA and St
George Bank wrote to former directors or shareholders of
deregistered companies to advise that bank accounts in the name of
the deregistered company had been frozen. The letter explained
that, unless the company was reinstated within 60 days, the balance
would be transferred to ASIC.
When a company is deregistered, it no longer exists as a legal
entity and company property vests with ASIC or the Commonwealth. If
you are a former officeholder or shareholder of a deregistered
company, you no longer have the legal right to deal with property
registered in the company name, including bank accounts.
Claiming funds from deregistered company accounts
Due to the large number of affected accounts, it will take time
for the banks to check whether companies have been reinstated
before transferring the money to ASIC. Please contact your bank to
discuss processing times.
When ASIC receives the funds, they will appear on the unclaimed
money search, and you can submit a claim to ASIC. If your
company name does not appear on the unclaimed money search, it
means ASIC has not yet received the funds from the bank. Don't
submit a claim for the money until the company name appears in the
unclaimed money search.
Please note that the company may still need to be
reinstated before you can claim the funds.
If the account was in the name of:
Related links
Last updated: 09 Nov 2018
