West Australians could be sitting on a small fortune without even knowing it, as the state government reveals it is holding a staggering $190 million in unclaimed money waiting to be reunited with its rightful owners.
The massive cash pool, managed by Revenue WA, comprises funds from a variety of sources that have gone dormant. This includes forgotten bank account balances, share dividends, insurance payouts, and even proceeds from the sale of property or deceased estates that have not been claimed by beneficiaries.
Where Does This Forgotten Money Come From?
The unclaimed money isn't just from obscure sources. It accumulates from everyday financial activities that people lose track of over time. Common examples include:
- Bank accounts that have been inactive for seven years or more.
- Shares or dividends where the company has lost contact with the shareholder.
- Life insurance policies or superannuation benefits that were never claimed.
- Money from the sale of property, such as a house or land, where the owner could not be located.
- Refunds, bonds, or other payments that were sent but never cashed.
When financial institutions and companies cannot locate the owners of these funds after a mandated period, they are legally required to transfer the money to Revenue WA, which acts as the custodian. There is no time limit on claiming this money back, meaning even very old amounts can be recovered.
How to Search and Claim Your Money
The process to check if you are owed money is simple, free, and can be done online in minutes. The WA Treasury has encouraged all residents to perform a quick search.
To begin your search, you need to visit the official Revenue WA website and navigate to their unclaimed money section. From there, you can use the online search tool. You will need to enter details such as:
- Your full name or the name of a business.
- Any previous names you have used.
- An address where you have previously lived.
It is recommended to try variations of your name and search old addresses, as the money may be listed under details you no longer use. If you find an entry that matches your details, the website will guide you through the straightforward claims process. You will need to provide proof of identity and your connection to the address or name listed.
Revenue WA processes thousands of claims each year, returning millions of dollars to individuals, families, and businesses. The largest individual claim in recent history was a remarkable $1.4 million.
Why You Should Check Now
With the cost of living putting pressure on household budgets across the state, discovering an unexpected cash windfall could provide significant relief. The government emphasises that this is not government money, but rather private funds that belong to the public, and it is their duty to safeguard it until it is claimed.
Financial experts also recommend making the search a regular habit, perhaps once a year, as new funds are transferred to the government pool all the time. It's also a prudent step for individuals to check on behalf of elderly relatives or for those managing the affairs of a deceased family member, as they may be entitled to unclaimed inheritances.
So, whether you've moved house, changed your name, or simply lost track of an old account, taking a few minutes to search could be more rewarding than you think. That forgotten cash could be the key to paying off a bill, contributing to savings, or simply providing a welcome financial boost.
