FAQs
Have Questions ?
What is lost money?
Unclaimed Money or lost money is a term used to describe funds that have been unable to be returned to the entity they belong to. It’s easy to end up with lost funds, even the best kept records can sometimes miss something. Have you ever moved house or even opened up a new bank account? Chances are you could have money owing to you.
Where does the money go?
Once the firm you were dealing with has made a reasonable effort to reunite the entity with their lost funds they are then expected to transfer those funds to the Government where it waits until the entity steps forward to redeem it. The Australian Government is currently sitting on almost $10 BILLION worth of lost money!
How do we locate you?
It’s our job to track down people with money owing to them. We use a range of methods to get in contact with you; all of which are legal and ethical. We respect your privacy and only use the details given to us by Government entities in attempts to reunite you with your lost money. We believe people should be given the chance to claim it back.
How long will the process to claim my money actually take?
It is difficult to put an exact time frame on the claim process as we are dealing with busy Government departments, and as such, we often have to wait days for a reply. As soon as we hear back from them, we get in touch with you as soon as possible to let you know.
What if I don't want to claim it?
Not everyone wants to claim their lost funds for what ever reason. We offer a service which involves donating your funds to a charity of your choice. Not only is this a feel good exercise for us, but it is often quite satisfying for our clients, knowing that the funds they didn’t want went to a good cause.
How much is this going to cost me?
Our service does not involve any upfront fees or payments so you don’t have to worry about having to make payments you can’t afford. Our fee will vary depending on the amount that needs refunding. But please be aware that you will not have to pay a cent until your money is fully refunded. We don’t get paid unless you do, this minimises your risk and ensures you aren’t hit with fees that you can not afford.
Can I do it myself?
Can and should are two very different words. Just as you wouldn’t represent yourself in court, you shouldn’t try to claim lost money yourself, unless you have the knowledge to refund it the correct way. If handled incorrectly, your money can end up in all kinds of trouble. It is better to get it done right with the professional assistance of our experienced refund professionals.
Why am I being asked for more information?
Government departments often require more identification once the claim has been submitted. Please understand that this is normal and that we endeavour to ensure that your claim is processed as swiftly as possible while adhering to Government department specifications and requirements.
Questions & Answers
Nothing for now. The money will remain where it is, eventually it will be absorbed by the Government as consolidated revenue.
There are many ways funds get lost, for example, unpresented cheques, superannuation, investments such as managed funds, shares and bonds, council bonds, lottery winnings, rental bonds, dormant bank accounts and many more.
Privacy restrictions require confirmation of ownership, before we are able to disclose the full details of unrecovered funds, without a signed authority to release.
We are an Australian company, registered by ASIC. You can search our details on the ASIC website. We are members of the Unclaimed Money Association of Australia. Our directors and refund consultants are based in Australia. You will have the full name of the person you are working with and can easily search them for yourselves. We have located your contact details from publicly available information.
We are bound by law to return your money to the legal owner of the funds. Prior to releasing the money to you we are required to identify you as the legal and rightful owner. We are required to pay the funds into your nominated bank account, less our agreed fee.
The laws that protect your entitlement to the recovered monies are:
- The Unclaimed Money Act 1962
- The Privacy Act 1988
- The Anti-Money Laundering and Counter-Terrorism Financing Act 2006, which make it an offence to provide false or misleading information/ documentation to Holding Authorities and Government Departments.
That is difficult to answer, different departments sweep the money across on different time frames, that are not publicised. The only way to ensure that this doesn’t happen to you is to claim the money once you know about it.
Please contact us if you are not the owner of the assets, so that we can update our records with the correct information. You can either provide us with the name and contact details of the person that you believe is the rightful owner, so that we can make contact. Alternatively, you can forward our email or letter to the owner yourself.
A certified copy is a copy of an original document, where the original has been sighted alongside the copy, by a Justice of the peace, or other authorised person, to ensure that the copies are true copies of the original.
The following people are legally allowed to certify documents: Justice of the Peace, Australia Post Offices, Doctor, Pharmacist, Public School Principal, Solicitor, Vet, surgeon, Bank Manager, Police officer.
Our Refund consultants use different methods to try to track down the owners of lost money. The information that we have used is publicly available. We will often go to great lengths to look for the owners of funds, with the purpose of reuniting them with their lost money.