Help! My bank account has disappeared!

If your bank account has more than $500 in it and has been inactive for more than three years, the federal government may have grabbed the balance. The good news is the federal government pays you a tax free interest rate equal to the inflation rate.

Account holders can track down their lost money and claim it back at ASIC’s MoneySmart website.

Then you have to go back to your bank, building society or credit union with an Original Transaction Number from www.moneysmart.gov.au then wait "up to 28 days" for your money to be returned.

Source: Busselton-Dunsborough Mail

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