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What is unclaimed money?

Unclaimed money is any money held in an account that has not been accessed (no deposits or withdrawals made) for over seven years. Please note, the crediting of interest payable is not considered a deposit and the debiting of any banking fees is not considered a withdrawal on the account.

What happens to the unclaimed money?

Each year, we transfer unclaimed moneys on accounts with a balance of $500 or over to the Australian Government via the Australian Securities and Investments Commission (ASIC). ASIC keeps a record of all unclaimed moneys transferred by all financial institutions and holds the funds on trust until claimed by their rightful owners.

How do I recover my unclaimed money?

If you think you might be the owner of unclaimed money, you can do the following:

  1. You need to conduct an unclaimed money search on ASIC’s website.
  2. If you’re entitled to unclaimed money originally held by Great Southern Bank, you can write to us to request a refund. You’ll need to provide documentary proof of your identity (a passport or driver’s licence) and ownership of the account (bank statements or deposit slips).
  3. Once we receive your request, Great Southern Bank will send a request to ASIC and ask that they return the money to us. This process can take up to three months, so your patience is much appreciated.