Do you have unclaimed money?
Are you one of the 10,000 with a sharing in more than $10 million?
Whether you're well-off or struggling to make ends meet, everyone wants some extra cash. So how would you react if you found out more than $10 million across Newcastle and the Hunter Region was waiting for collection, and some of it was yours? For Wallsend resident Peter Fishlock, it came as a surprise.
"I didn't have a clue that I had any owing to me," says Peter.
Peter knew what unclaimed money was, but he never thought any would be his. This is the case for more than 10,000 residents across Newcastle and the Hunter, who may not even know what unclaimed money is. Over 32,000 shares are available for claim, the most common being un-presented cheques and payment and overpayment.
Peter Fishlock, photographed by Holly Fishlock
Peter Fishlock, photographed by Holly Fishlock
Types of unclaimed money, data from Revenue NSW
Types of unclaimed money, data from Revenue NSW
What is unclaimed money?
Unclaimed money is often accumulated from lost shares, life insurance policies, investments, and bank accounts. These would become lost when Australians move homes and address details aren’t updated with the company. Bank accounts and life insurance policies become unclaimed after remaining inactive for seven years.
Across New South Wales, there is over $200 million in unclaimed money, making NSW the state with the most considerable sum of unclaimed money, followed by Victoria, with close to $60 million.
Unclaimed money across Australia, data from Revenue NSW
Unclaimed money across Australia, data from Revenue NSW
Where is all of this money?
Research from Data NSW shows the amount of money available in each local government area in 2020. Outside of Sydney, Newcastle and Lake Macquarie have the most money available for claim in New South Wales.
People living in Newcastle have the most unclaimed in the Hunter, with just shy of $3 million and 9,599 different shares available.
This is followed closely by Lake Macquarie residents, with almost $2.5 million and 6,487 shares available.
Followed by Maitland, with close to $625,000 and 2,617 shares available.
Then Port Stephens, with more than $500,000 and 1,486 shares available.
Followed by Cessnock, with just over $350,000 and 1,486 shares unavailable.
Then Singleton, with over $325,000 and 1,150 shares available.
Followed by Muswellbrook, with almost $200,000 and 788 shares available.
Followed by the Upper Hunter, with more than $150,000 and 618 shares available.
And finally, Dungog residents with over $50,000 and 224 shares available.
Specific data for local government areas have not been updated since 2020. However, the Revenue NSW Unclaimed Money dashboard suggests the unclaimed money pot in Newcastle and the Hunter Region has increased by $3 million in the last three years.
Why don’t I know about this?
If you’ve never heard of unclaimed money, you’re not alone. Claim rates indicate that unclaimed money is something people need to be made aware of.
Revenue NSW data shows just shy of $200,000 had been claimed in the Hunter between July 2016 and July 2020. This was an increase of 106 per cent from 2016 to 2019.
More and more Hunter residents are being made aware of unclaimed money, but more is needed to keep up with the amount of money becoming unclaimed. From 2017 to 2019, more than $600,000 claims were lodged to Revenue NSW by various enterprises in Newcastle and the Hunter. This is money that companies hold that belongs to someone else.
The amount of money becoming unclaimed in the Hunter from 2017 to 2019 is more than three times the amount claimed.
Claimed money in Newcastle, data from Revenue NSW
Claimed money in Newcastle, data from Revenue NSW
Claims lodged in Newcastle, data from Revenue NSW
Claims lodged in Newcastle, data from Revenue NSW
Why does money remain unclaimed?
Often, money remains unclaimed simply because people don't know it's there. Peter says that if more people knew about unclaimed money, the amount in NSW would significantly decrease.
"No one knows about it. Every now and again, there is a story on the news about unclaimed money. But I think generally people are a little bit lazy, and don’t even bother searching.”
But there may be other reasons money remains unclaimed. Peter says the initial process of finding you have unclaimed money is easy, but the following steps are a lot longer. Peter had $204 available to claim but says the process can be challenging.
“You have to ring the actual company that is holding the money, which was a life insurance company. I rang them, they didn’t know anything about it, they said to email the inquiries department. I emailed them, and I got an automatic reply.”
Peter describes claiming as a back-and-forth process, and unclaimed money is low on the priority list for many companies. People don't want to go through a lengthy process, and this can sometimes make them entirely give up, he says.
“People couldn’t be bothered for $10, even $20 or $50. If they’ve got to go through all these hoops, a lot of people wouldn’t bother.”
But money might also remain unclaimed because the owner may have passed away. Money from bank accounts and insurance policies becomes unclaimed after seven years of inactivity. These may become inactive because the holder may pass away, and the accounts have been lost. There is a much longer claiming process for deceased estates, meaning that money can sometimes remain in limbo.
So, do you have unclaimed money?
It’s easier to check than you may think; follow the link here to find out! Let us know if you, or someone you know, are one of the lucky Novocastrians at 0423 906 966
