Wealth Finders

HOW DOES MONEY BECOME “LOST”

Your money is declared “lost” when:
In accordance with the Banking Act of 1954, the bank account in which money was deposited has been “dormant” for a period of 7 years and is regarded as an abandoned account, or

Under Commonwealth Corporations law, the company holding the funds has exhausted all avenues of finding the owner and the owner has been "lost" for a period of 6 years, or the company has exhausted all avenues of finding the owner and the owner has been "lost" for a period of 6 years, or

the person (not being a company) has exhausted all avenues of finding the owner and the owner has been "lost" for a period of 12 months.

WHAT TYPE OF FUNDS BECOME “LOST” MONEY
When the legally entitled owner of money cannot be located within a specified timeframe, then the money is declared “lost”. There are a variety of sources of “lost” money, including;

Deceased Estates
Company Liquidation Disbursement
Dividends
Interest
Unpresented/void/stale cheques
Wages/ Salaries
Trust Accounts
Superannuation
Refunds
Bank account money
Lottery winnings
Unpresented betting slips
Insurance policies

WHAT LEGISLATION IS INVOLVED REGARDING ”LOST” MONEY
Wealth Finders search worldwide to identify and recover “lost” money. However, we primarily conduct searches in countries which have enacted legislation that supports the return of these funds. Therefore, the majority of identified lost wealth derives from Canada, United States of America, Australia and New Zealand.

Legislation enacted in these countries includes but is not limited to:
- Ontario Unclaimed Intangible Property Act 1989 (Canada)
- California Unclaimed Property Law and Regulations 2007 (USA)
- Banking Act 1954 (Australia)
- Unclaimed Money Act 1971 (New Zealand)

Wealth Finders strictly abide by the legislative requirements pertaining to these funds and are only interested in ensuring that any “lost” funds are recovered and returned to the legally entitled owner.

DOES ”LOST” MONEY EARN INTEREST?
Money that has been “lost” does not earn interest on your behalf. In addition, there is no ready access once the funds are identified as yours. There is a set claims process that varies from Organisation to Organisation. Each institution/organisation (where the funds were initially held) has their own “claims” process.

“Wealth Finders” is well versed in these procedures and can quickly and efficiently arrange the appropriate claim forms, identify the required documentation and liaise with the relevant department or organization for the recovery of these funds.