Unclaimed monies reminder

Unclaimed monies – it such an important but hidden sleeper that it is worth re-blogging about this.

When we last blogged on this 5 years ago, there was $1,100,000,000 of unclaimed bank account monies, shares and life insurance.  Today it stands over $1,500,000,000.

How can I lose money that is mine?

The balance of any bank account unused for more than 7 years is transferred to the government.

So too is a life policy which is not claimed within 7 years of maturity also becomes unclaimed money.

It is not easy to reclaim one’s money as what one might think. So to avoid the problem of trying to recoup unclaimed monies, you need to:-

• Create and check a list of bank accounts, shares and endowment life insurance policies (and store it securely).
• Transact on any bank account every seven years. Please remember that charges debited or interest credited by a bank to your account do not keep an account active.  So you need to either make a payment from or deposit into an account for it to be considered active.  Make a habit of transacting on every bank account in the first week of January (or July if you’re finance minded like me and think in financial years).
• Update contact details after a move.

If you want to know more or undertake a search on a closed bank account or shareholding or matured life insurance policy, go to http://tinyurl.com/qjozgon

At MRS, we will spend today planning for your success.