What is a ‘lost’ or ‘unclaimed’ bank account?

Under unclaimed money provisions in the Banking Act, an account held by an authorised-deposit taking institution, like a bank or credit union, will be deemed to consist of unclaimed money after seven years of inactivity. Inactivity means there have been no transactions on the account other than interest or charges, and the account holder has not checked the account balance online or by phone.

In 2015, the Government amended the Banking Act to extend the period before accounts could be deemed to consist of unclaimed money from three to seven years.

Banking Day