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Australians urged to check if they are owed a share in $2.7 billion in ‘free money’


Australians are currently sitting on more than $2.7 billion in lost or unclaimed money.

The Australian Securities and Investments Commission (ASIC) is urging people to spend a few minutes checking if they are eligible for a portion of the cash.

The sum includes money owing from old bank accounts, shares or insurance policies.

Australians are currently sitting on more than $2.7 billion in forgotten money.
Australians are currently sitting on more than $2.7 billion in forgotten money. (Getty Images/iStockphoto)

The money is often lost because people lose contact with financial institutions or investment companies after moving house, changing their name or simply forgetting about an account over time.

In some cases, the money has remained unclaimed for decades, with records dating back to the 1950s.

The single biggest amount still unclaimed is $1.3 million.

To check for unclaimed money, people can simply type their name into ASIC’s MoneySmart website.

There is no deadline for Australians to make a claim, which means people can search and claim at any time.

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