Here to Help – Lost Bank Accounts

I’m pleased to say that I was able to provide the community group with key industry contacts.
The good news is that the community group now has a much healthier bank account balance, thanks to the old not-for-profit’s bank account.

Did you know that Australians have over $1.1billion in lost shares, bank accounts and life insurance?
If you watch the news, you would have heard about the nearly $18billion in lost superannuation. The Australian government and superannuation firms work together to try and reunite the money with its rightful owner.
The same applies to bank accounts, share and life insurance.
Once a bank account hasn’t been transacted on for seven years, it becomes “inactive”.
Once the account is “inactive”, it is transferred to the Australian Government. Interest is paid on the money from 2013.
Further information is available on ASIC’s website.

Elaine Abery has a closet full of great ideas and empowering solutions. She’s also the Director of Unravelling Red Tape, a company dedicated to helping everyday people, not-for-profits and companies change the world through improved decision-making and legislation.

This article comes from my column entitled “Here to Help” in the Local. If you have an everyday problem just begging for a simple, real world solution, send it to “Here to Help” and let’s see what we can achieve.