Unclaimed Money...are you owed anything?
In 1971 there was an Act introduced called the Unclaimed Money Act. Cheers for the legal lesson Luke but I ain’t tryna be no lawyer.
?Relax & stick with me?because you might have some ‘unclaimed money’ waiting for you to claim.
Unclaimed money is money left untouched by its owner in organisations like banks, insurance companies, power companies or an old employer. It is usually amounts over $100.?
?The length of time that passes before money becomes 'unclaimed' is generally 5 years.?
After the organisation?has been unsuccessful in trying to find you to return your cash, most unclaimed money is transferred to the IRD, the Public Trust or the Treasury.?
More plain English please?Luke, seriously. Alright, say a phone company?owes you money and they don’t have your new bank account number to refund you and they can’t get in touch with you, they will most probably hold onto the money?for some time and then give up.
From here, they may pass the money?to the IRD to hold onto, in the hope that one day you read an email like this and go to search if you’re owed anything.
Once the money has been passed to the IRD, it is published in a searchable database. You can search this database at any time to see if you are on there.?
Money stays in the database for no longer than 25 years. If no one claims the money in this time, it is removed from the database and no further claims can be made.
Take 2 minutes out of your day to search whether you are owed anything. Could come in handy right now...
Link here, scroll to the bottom:
IF?you are in the money (or out of pocket depending how you look at it) then you will need to complete an application process to ensure the unclaimed money is actually yours. This will?take you a few minutes, but perhaps it will be worth it!
I put out a teaser of this content earlier in the week & I've already had a couple of people message me who have claims?lodged for unclaimed money from power companies. Have a look for yourself & your family members.?(Don't forget to check maidan/married names).?
Speaking of unclaimed money….there was?a thing called Bonus Bonds that we spoke about many months ago. They were basically the worst returning investment invented, but anyway people loved them as they mixed safety with gambling (which usually doesn’t go together).
Bond holders were in a monthly draw for a big money?prize. ANZ ran the fund and recently wound it up as interest rates declined. They are currently trying to track down and repay?every bondholder.
They were a popular gift from parents and grandparents to children.?A LOT of kiwis had these things and some don't even know that they did.
You might want to check whether you have an online account or whether someone gifted you bonus bonds. If this rings a bell and you don't know if you've got some, then perhaps drop them a line or give them a call.?
Bonus Bonds: 0800 266 3743?https://www.bonusbonds.co.nz
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Luke
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Did you know:?As at November 2019, there was an estimated?$199 million of unclaimed money?in the Crown’s accounts.
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