What is unclaimed or unrecovered money?
A business or person, due to liquidation, death, change of circumstance, forgetfulness or even neglect has unknowingly left money in an institution such as a bank, superannuation fund, business, government agency, council, company with dividend shares, the State Trustee and many other sources. An attempt would have been made by the respective institution or agency to contact the rightful owner but has failed due to change of address, change of circumstance or various other reasons that has resulted in loss of contact between the rightful owner and the institution.
Accordingly, the institution, by law (1962 Unclaimed Money Act), has lodged this unclaimed money with the Government. Owners of unclaimed money need to act now in claiming their money back to prohibit their money from becoming government revenue. Relevant proof of identity as the rightful owner is required to recover any money.
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