|« Life Insurance Companies Lose Another One When It Comes To Paying Out Claims||The Federal Deposit Insurance Corporation (FDIC) Bank Failure List »|
When it comes to unclaimed property each country and state has its own definitions. Australia´s definition, for unclaimed property is money greater than $100 held in an account that has been inactive for at least six years. This includes dividends, principal and interest, trust account funds, expenses, refunds, over-payments, deposits, premiums, unpresented cheques, distributions from liquidations, proceeds of sale, royalties and commissions. An amount is not Unclaimed Money if an enterprise knows or has reason to believe that the owner wishes for the enterprise to continue holding that amount. This includes amounts held on trust.
Companies that hold money for individuals or companies, must make all reasonable efforts within 6 years to contact their clients so that they may returns the unclaimed money back to them. Companies that still have unclaimed property on their books as of June 30 of each year, must hand over the money to the government by October 31 of that year.
Unclaimed money held by banks, credit unions, building societies, friendly societies and life insurance is payable to the Australian Securities and Investments Commission (ASIC).
Unclaimed money in the form of Unclaimed superannuation (basically pensions) is called a superannuation benefit. The OSR of Australia holds unclaimed superannuation funds that were lodged from 1 July 1997 to 30 June 2007. These benefits were lodged where the member was deceased or had reached the eligibility age (65 for women and men) and no contributions had been made to the fund for two years. From 1 July 2007, OSR only receives unclaimed superannuation benefits from NSW Public Sector Superannuation Funds. All other superannuation benefits are lodged with the Australian Taxation Office (ATO).
As of May 8 2013 the following categories are listed as Unclaimed Money Available for Claim
Account Type - No. of Items - Amount Available for Claiming
COMMISSION /15 /$191,024
CREDITORS /402 /$328,915
DEBENTURES /6,172 /$2,105,768
DEPOSIT /9,474 /$4,479,785
DISTRIBUTION /2,885 /$1,252,904
DIVIDEND /17,596 /$5,444,393
EXPENSES /38 /$9,213
INTEREST /448 /$479,425
OVERPAYMENT /74,858 /$21,661,413
PREMIUM /6 /$11,190
PRINCIPAL /494 /$824,119
PROCEED OF SALE /876 /$1,979,934
REFUND /6,174 /$4,636,959
ROYALTIES /18 /$3,603
SAVINGS /139 /$30,838
INTEREST /2 /$81
SHARE CAPITAL /14 /$2,372
SUPERANNUATION /25,001 /$21,778,014
TRUST ACCOUNT /18,170 /$17,637,678
UNKNOWN /21,137 /$7,702,420
CHEQUE /92,590 /$40,970,541
WAGES /1 /$4,714
Grand Total /276,510 /$131,535,303