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How to recoup unclaimed money through government initiative

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Aussies looking for a bit of extra cash this end of financial year are in luck thanks to a government initiative reconnecting people with money they may have lost.

There is about $1.5 billion in lost shares, bank accounts and life insurance, according to Moneysmart.gov.au, a government website offering advice that also helps people recoup their unclaimed money.

WATCH THE VIDEO ABOVE: TikToker shares tip on how Aussies can recoup lost money

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Money can become lost when an individual moves house and forgets to update their details with their bank.

Bank accounts and life insurance policies become unclaimed after seven years if either the account is inactive or the policy matures and is not claimed.

“Unclaimed money received by ASIC is transferred to the Commonwealth of Australia Consolidated Revenue Fund,” the Moneysmart website states.

“It is available to be claimed at any time by the rightful owner and there is no time limit on claims.”

All Aussies need to do to check if they have unclaimed money is visit Moneysmart.com.au and enter in their name or Original Transaction Number (OTN) in the website’s search bar.

Popular TikToker sugarmammatv, who often shares financial advice with her 14,700 followers, urged people to make use of the “quick and easy” government initiative.

“(My partner) did this last night in bed on his phone and he found out he has $167 owed to him by an overpaid insurance premium from many, many years ago,” she said.

“If you happen to find some unclaimed money of yours ... make sure you put it towards one of your financial goals and dreams.”

One person who commented underneath the TikTok said they had received $634 in unclaimed money.

Another wrote they knew a family member who was owed over $50,000.

If no unclaimed money appears, individuals can also check for lost superannuation through myGov or check their state government website for deceased estates, lost share dividends or over-payments.

To stop your money from becoming unclaimed, Aussies should make a small deposit or withdrawal from a bank account at least once every seven years and ensure they update their details if they move addresses.

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