The Department of Treasury has welcomed a new online tool that promises to make it quicker and easier for people to use the Register of Unclaimed Money to reunite with their lost or forgotten money.
Almost $18 million in unclaimed money owed to Western Australians has been reported to the Treasury in 2019-20 and has been added to the Register of Unclaimed Money.
The largest amount owed to an individual added to the Register in 2019-20 was $185,663.
The full Register of Unclaimed Money now contains more than 780,000 unclaimed amounts totalling more than $119 million.
In the last financial year 1,550 accounts totalling only around $715,000 were paid out.
The online tool allows claimants to verify their identification online, upload documents and receive money directly into their nominated bank account.
Treasurer, Ben Wyatt said more Western Australians now had the opportunity to more quickly and easily be reunited with their lost or forgotten money.
“I encourage everyone to check the Register of Unclaimed Money to see if they are entitled to any of the funds,” Mr Wyatt said.
Treasury receives unclaimed monies from Western Australian-based organisations in accordance with the Unclaimed Money Act 1990. The purpose of the Act is to protect the interests of people due monies that they may not be aware of, or may have forgotten about.
Unclaimed amounts relate to transactions such as unpresented cheques associated with dividend payments, real estate transactions, or deceased estates where beneficiaries are unknown or cannot be located.
People can search the Register at this PS News link.
