Changes to Commonwealth laws could mean that consumers have new entitlements they may not be aware of.
The Treasury Legislation Amendment (Unclaimed Money and Other Measures) Act 2012 altered the Commonwealth laws governing unclaimed money and its definition. Some money may now be identified as unclaimed after three years instead of the previous seven years.
Another significant change applies to the payment of interest on claims for unclaimed money. As of 1 July 2013, when unclaimed money is paid to a claimant, the Commonwealth will also pay the interest to the claimant. Interest will be paid on claims processed after 1 July 2014 and will be calculated from then onwards.
The MoneySmart website allows users to enter their name into a search engine and retrieve any results instantly. Users may then lodge a claim for money from bank accounts, life insurance policies and company shares.
