The rising cost of living, from groceries and mortgages to petrol and energy, is squeezing Australian family budgets.
Which makes it a good time to claim money that you may not even realize you owe.
Billions of dollars in unclaimed accumulated funds are in the coffers, for everything from old bank accounts and stocks to forgotten rent obligations, refunds and toll refunds.
Billions of dollars in unclaimed accumulated funds are in the coffers, for everything from old bank accounts and stocks to forgotten rent obligations, refunds and toll refunds. (iStock)
Money experts say most of us are unaware of the easy ways to check online if we owe money.
A good place to start is the Moneysmart ASIC Unclaimed Money Finder, which could connect people with more than $ 1.5 billion.
“Now more than ever, it’s very important that you keep an eye on any cash you may be missing,” Effie Zahos, Canstar’s general editor, told 9News.
“Many of us tend to forget where our money is, believe it or not, so [that’s] loss of bank accounts, insurance and shares. All you have to do is type in your name and raise the amount. It takes less than a minute. “
Zahos says the best way to avoid losing money in the first place is to make sure your personal and banking details are kept up to date.
A bank account is considered lost if there has been no activity for seven years.
While it is very quick to find or identify unclaimed money, there is a process for making a claim before it can be returned to you.
Siobhan Cantrill had a premonition that he was being overcharged for credit card insurance and it turns out he was. (new)
People who bought a car with financing or took out a credit card or loan before 2018 can claim a refund if they were sold junk insurance supplements.
Siobhan Cantrill had a premonition that he was being overcharged for credit card insurance and it turns out he was.
“I was shocked, it was almost $ 4,000,” he told 9News.
He used a service called Claimo, which recovers money spent on junk insurance.
“Check your loan agreement and see if there’s a high rate, it could be called a breach insurance or consumer credit insurance, but if you don’t understand what it means, chances are you’ve been charged.” Claimo’s Nathan Mortlock said.
The company makes a small cut for the specialized service, but there are several ways to look for it for free.
Revenue NSW is another key place to check out unclaimed money, covering dividends, old rent vouchers, overpayments and more. There are currently $ 87 million sitting there.
It is also worth checking that your bank details are up to date with Services Australia (myGov), otherwise you will not receive automatic Medicare discounts.
And it could be as simple as ticking a box to make sure you get $ 750 in cash to travel on the M5.