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As refund consultants, we take it upon ourselves to reach out, assist and work with people that are entitled to lost and unclaimed money. We may have contacted you because we believe that lost money may be owed to you. In most cases, people are unaware that their money is lost and waiting to be claimed so it's likely to be a nice surprise to learn that money could be owed to you and you didn't even know about it.
Why have I been contacted regarding finances that have been lost?
if I Don't Choose To Claim
These Lost Monies, What Happens Then?
The answer is simple; the funds will stay (in many cases) in a government trust account and will remain unclaimed. Then, depending on which authority holds the funds, the money will be transferred into the Government's consolidated revenue fund once a certain period of time has passed. In other words, the Government gets it, and it’s gone!
How Is My Money Returned?
Our refund experts specialise in finding unclaimed funds for Australian individuals and companies who have lost track of their money. We assist in first verifying the identity of the rightful owner(s) and then assist with the claims process by managing the documentation, preparation and submission of claims.
Just like you would hire a solicitor to represent you in court, or a tax professional to assist you with your tax return, Advantage Refunds provide a professional recovery service so that you can sit back, confident that the whole process has been taken care of and dealt with right the first time.
Every day, people and businesses leave cash in financial institutions, insurance companies, and with government authorities. It’s human nature to forget and even the best kept records can even have gaps. As absurd as it sounds, it happens constantly. It is estimated that 1 in 3 individuals actually have money owing to them without their knowledge. Most commonly, money is lost because of:
HOW DO PEOPLE MISPLACE MILLIONS OF DOLLARS EVERY YEAR?
We liaise with the various holding authorities to ensure the full release of all monies outstanding quickly and successfully. Occasionally, additional information is required by the department or financial institution holding the money; we will communicate this to you and assist you source the information.
Once the funds are released, the funds are deposited to your nominated account, less our processing fee. Normally, claims are completed within 6 to 8 weeks of receiving all the correct claim documentation.
It is our responsibility to locate the rightful owners and reunite them with their lost money
To process a claim, we must first verify your claim to the . To do this, we require at least 100 points of identification. We will also prepare an Agreement & Authority to Act which sets out the terms and conditions of our service and formalises your authority for us to make the claim on your behalf.
There are many laws in place that protect you as a consumer and your lost money. It is an offence under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 to give false or misleading information or documentation. This means that we are bound by law to ensure that we undertake correct procedures. It also means that we are bound by law to promptly refund your funds into your preferred bank account or by cheque.
What Laws Do You Have To Abide By?
We are trained through Create Australia, they serve as a third party validating our claim as a refund consulting agent. We are frequently updated with industry information which keeps our knowledge and training relevant so you can be sure you are putting your trust in the hands of up-to-date industry experts.
How Do We Stay Up To Date?
An overseas move
Moving house & changing address
(hard to track)
Oversight
OUR VISION
These are the areas of unclaimed money Verified Refunds assist with
The Verified Refunds promise is to act with integrity, to be open and honest in all our dealings and to keep our customers informed throughout the refund process. There won't be any surprises and that's the advantage of having us act on your behalf.
MISSION
Individuals and companies occasionally lose track of the money they own , for example, bank accounts, shares, investments and life insurance policies. This may happen because of a change of address, a change of name, a change of employer, a move overseas and, sometimes, just plain oversight. Where this happens, and the financial institution or previous authority is unable to locate the owner of the money, the money is considered "lost". In most cases, lost money is transferred to a Government trust account and remains there while it is "unclaimed". What may interest you is that, if owners of this money do not step forward, this money is then taken up as Government revenue. In most cases this is the inevitable fate for lost money unless the correct owner steps forward to claim their lost money.
What makes this process even more difficult is that each state in Australia has separate laws relating to lost funds and various institutions responsible for lost monies unique to that state (with their own set of individual claiming rules and procedures). This can make this process very difficult as small mistakes can lead to a much more difficult return process later and may require months of assistance in order to complete the claim. Therefore, it’s always better to make sure that your claim is done right the first time.
WHAT IS LOST AND UNCLAIMED MONEY IN AUSTRALIA?
Other matters we commonly assist with include unpresented cheques, superannuation, company takeovers, and rental and local council bonds.
Life insurance – $81 million
Shares – $451 million
Bank Accounts – $617 million
Types of Lost Money WAITING TO BE REUNITED WITH ITS OWNERS
READ MORE ABOUT Verified Refunds IN THE NEWS
While this particular article discusses bank accounts alone, you can see you're not alone in having lost funds. A staggering $1.1 billion is currently sitting unclaimed by Australians.
