WHY HAVE I BEEN CONTACTED REGARDING FINANCES THAT HAVE BEEN LOST?
At Money Returns, we take it upon ourselves to reach out, assist and work with people that are entitled to lost and unclaimed money. We may have contacted you because we believe that lost money may be owed to you. In most cases, people are unaware that their money is lost and waiting to be claimed so it’s likely to be a nice surprise to learn that money could be owed to you and you didn’t even know about it.
WHAT IS LOST AND UNCLAIMED MONEY?
Individuals and companies occasionally lose track of the money they own, for example, bank accounts, shares, investments and life insurance policies. This may happen because of a change of address, a change of name, a change of employer, a move overseas and, sometimes, just plain oversight. Where this happens, and the financial institution or previous authority is unable to locate the owner of the money, the money is considered “lost”. In most cases, lost money is transferred to a Government trust account and remains there while it is “unclaimed”. What may interest you is that, if owners of this money do not step forward, this money is then taken up as Government revenue. In most cases this is the inevitable fate for lost money unless the correct owner steps forward to claim their lost money.
What makes this process even more difficult is that each State in Australia has separate laws relating to lost funds and various institutions responsible for lost monies unique to that State (with their own set of individual claiming rules and procedures). This can make this process very difficult as small mistakes can lead to a much more difficult return process later and may require months of assistance in order to complete the claim. Therefore, it’s always better to make sure that your claim is done right the first time.
WHO WE HELP
Individual
Our refund experts specialise in finding unclaimed funds for Australia individuals and companies who have lost track of their money. We assist in first verifying the identity of the rightful owner(s) and then assist with the claims process by managing the documentation, preparation and submission of claims.
The answer is simple; the funds will stay (in many cases) in a Government trust account and will remain unclaimed. Then, depending on which authority holds the funds, the money will be transferred into the Government’s consolidated revenue fund once a certain period of time has passed. In other words, the Government gets it, and it’s gone!
Overseas Move
Perhaps you forgot about a deposit? (It’s more common than you think.) Many people move overseas and forget to notify or change their details with their service providers.