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Lost in translation

I have been overseas for 10 years and had approximately $1100 in a bank account prior to leaving Australia. Upon my return, the money was not there. I know I should have done something about it before I left, however, I would still like to know what happened to it. Can I get it back?

Have you used the account at all? If not, then the bank could well have transferred your money to the Commonwealth Government if your account had been inactive for more than seven years. Call the bank to see if that has happened. If you receive no joy there, then try the Australian Securities and Investments Commission (ASIC), which has an ‘Unclaimed Money’ online search facility at www.fido.asic.gov.au

You can search for the information on their database for unclaimed money from banks, credit unions and building societies. A basic search will look for all three types – that is banking, company or life. If you do an advanced search, you can choose to search for just one type of unclaimed money. There are search tips on the website as well.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

Published on: Tuesday, September 28, 2010

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