SUBJECTS: Australia's unclaimed millions
SPENCER HOWSON:
Didn't win a share of the $100 million in OzLotto last week? What about a share of $677 million waiting to be claimed from the Australian Securities and Investments Commission? In Queensland, over 166 000 people have unclaimed money, an average of $654 each. That's not to be sneezed at! The Parliamentary Secretary to the Treasurer, Bernie Ripoll also the Member for Oxley, this morning is calling on Australians to check the website; moneysmart.gov.au to see if any of the money is yours. Go on, have a look now, you know you want to. Let me know if you find some of your money moneysmart.gov.au. Bernie Ripoll, good morning.
BERNIE RIPOLL:
Good morning Spencer, how are you?
HOWSON:
I'm very well thank you. Where does this money come from?
RIPOLL:
Well, it comes from a whole heap of places but mostly it is dormant bank accounts or credit union accounts, or building societies. Some of them are shares and some of them are even life insurance policies that have become inactive, so people haven't put any money in or there haven't been any payments made for, typically what it is is over seven years. So when they become dormant they eventually get reclaimed and put in to a consolidated revenue, a pile, and it's held with ASIC and what they means then is that you can actually find your money if you think you have lost some money at some point in time.
HOWSON:
Why the seven years then, if you don't touch a bank account for seven years then basically the money gets sort of taken and looked after, does it, by ASIC?
RIPOLL:
Yeah, look, the normal waiting period is about seven years but it varies depending on which type of account it is. The reason for that obviously is that people move addresses and that's the most common way that people become disconnected with their money, their bank account, but if there's an inactivity period for a long period of time, typically more than seven years, then the money is transferred, and what it then means for the first time it's put on a national register and that's the ASIC website, the moneysmart.gov.au which means then that you can search for it. Until it gets there you can't really search for it, you have to actually know where it is.
HOWSON:
Now, what I don't get about this is you put in your name, you search for the money and it says yes or no, so ASIC knows who the money belongs to. Why can't ASIC take the proactive role and just give it to the people whos money it is?
RIPOLL:
Well, that's the question. The question is it's there, there's a name and there's an address, but typically the name and the address, there's something wrong. The reason it's gotten there and there's been no activity is because either the address is wrong or there's some other problem, perhaps a person is deceased, or perhaps they're not contactable. So really, what needs to happen, and this is the reason why those monies under those names has now been registered with ASIC.
HOWSON:
That's a lot of people though. That's 166 000 in Queensland alone where you can't even use tax office records or any other way to track people down and give them the money.
RIPOLL:
Well, that's just part of the problem, the problem is that they can't be contacted. But if, and I just did a search for my name this morning and unfortunately for me I don't get to share in that $76 million which is available in Queensland, but there are a range of other people with my name on that list and it's got there full name so if those people were to come forward and prove who they are, then they could have access to those monies that's being held for them. The beauty about the new system that the Government's put forward though is rather than the money being held for very long periods of time and being eaten away by fees and charges and basically diminishing over time, once it's held by government and on the ASIC site, then interest is actually paid on those accounts and they'll continue to grow over time or at least maintain their value over time, there'll be no fees withdrawn from those accounts and no further charges charged against your money.
HOWSON:
Ok, last year just $56 million was claimed. So, there is obviously, as much as you're going out today saying come and get this money, there's still going to be, we know don't we, a huge packet of cash sitting there is twelve month's time. $56 million is nothing from the, what was it, obviously six-hundred and something million, twelve months ago. Anyway we're getting word out this morning; moneysmart.gov.au. Now one of the biggest individual amounts is $990 000 in a dormant bank account in Western Australia, there's one that is worth someone chasing down, but what are some of the Queensland amounts that are up for grabs?
RIPOLL:
Well, there's an incredible amount. The largest one in Queensland is $203 000 and it's a Commonwealth Bank of Australia dormant bank account and it's registered in Brisbane, so if somebody thinks that that's their bank account and they can prove that they're the person that holds it, the money will be transferred back to them. The idea here is that this money's really being held in trust until the person comes forward or the executor of an estate. So it could be a family member, it could be anyone. If people are going to the moneysmart.gov.au website, you can actually look up your family members or anyone, you can type in any name, and perhaps alert a friend to the fact that it might be their money that you've discovered in a dormant account, a life insurance policy, maybe a superannuation account. There are some other really big ones, I was just having a look. In Cannon Hill, there is one account for $155 000, Port Douglas one for $140 000, Cleveland one for $133 000, and in the Ipswich region alone, $2.2 million is held unclaimed. (inaudible)
HOWSON:
Yes, $24 million in Brisbane and the highest individual $162 000 for someone in Coorparoo who was, it says here, the subject of a compulsory acquisition. So what does that mean? I guess their land was bought for some sort of infrastructure development and they've obviously moved out, but they've just not claimed the money. The money's been put into the bank. $162 000.
RIPOLL:
That's right, yes. $162 000 and it was related to the Rinco Group Ltd. So if someone recalls that out of Cooperoo, Rinco Group Ltd, there's $162 000 there waiting for them or their estate.
HOWSON:
Ok, moneysmart.gov.au. Have a look and if you find something this morning, let us know and then we can all share the excitement with you. Alright, Bernie Ripoll, who's the Member for Oxley and the Parliamentary Secretary to the Treasurer, thanks for coming on this morning.
RIPOLL:
Thanks Spencer.