Don’t lose track of your old accounts

After May 31, bank accounts not accessed for three years will be transferred to the Australian Securities and Investments Commission (ASIC).

Account-holders can recover their money, but will have to contact the regulator and prove ownership of the account. The government will ensure that lost super and deposit accounts have interest credited at the inflation rate.

To minimise the chances of losing track of super and deposit accounts, always ensure your bank and super funds have your tax file number and let them know when you change your address.

To look for lost accounts, go to moneysmart.gov.au and click on the link to unclaimed money.

Source: The Age

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