How to recoup unclaimed money through government initiative
Aussies looking for a bit of extra cash this end of financial year are in luck thanks to a government initiative reconnecting people with money they may have lost. There is about $1.5 billion in lost shares, bank accounts and life insurance, according to Moneysmart.gov.au, a government website offering advice that also helps people recoup their unclaimed money. WATCH THE VIDEO ABOVE: TikToker shares tip on how Aussies can recoup lost money Looking for a new job or job candidate? Post jobs and search for local talent on 7NEWS Jobs >> Money can become lost when an individual moves house and forgets to update their details with their bank. Bank accounts and life insurance policies become unclaimed after seven years if either the account is inactive or the policy matures and is not claimed. “Un claimed money received by ASIC is transferred to the Commonwealth of Australia Consolidated Revenue Fund,” the Moneysmart website states. “It is available to be claimed at any time by the ...