Go to top of page

2.6 Unclaimed money

ASIC reunites people with their unclaimed money, as we are responsible for the administration of unclaimed money from banking and deposit-taking institutions and life insurance institutions.

We fulfil this responsibility by maintaining a register of unclaimed money from banks, credit unions, building societies, life insurance companies and friendly societies, as well as shares that have not been collected from companies. The public can search our register and make claims. We process claims within 28 days of receiving all necessary claim documentation.

In 2019–20, ASIC received $202.8 million in unclaimed money. This was more than the $76.9 million we received in 2018–19.

We paid out a total of $58.9 million in claims in 2019–20, compared with $56.6 million the previous year.

We paid claimants interest (2019–20: $2.8 million of the $58.9 million) on unclaimed money from periods from 1 July 2013 onwards at a rate of 2.5% for 2013–14, 2.93% for 2014–15, 1.33% for 2015–16, 1.31% for 2016–17, 2.13% for 2017–18, 1.9% for 2018–19 and 1.33% for 2019–20.

Table 2.6.1 Amount paid to owners of unclaimed money

Claims by type

2019–20 ($)

2018–19 ($)17

Principal

Interest

Total

Company

25,071,137

1,131,758

26,202,895

34,049,733

Banking

24,047,858

1,437,810

25,485,668

16,536,678

Life insurance

5,756,395

222,559

5,978,954

4,080,573

Deregistered company trust money

1,265,365

N/A

1,265,365

1,927,504

Total

56,140,755

2,792,127

58,932,882

56,594,488

17 Includes principal and interest.