You and your colleagues might be entitled to free money – and all it takes is one quick check to find out.

There’s $1.1 billion of unclaimed money floating around Australia – and some of it may belong to you.

ASIC is urging Australians to do a free check to see if they’re entitled to any of that money.

“In 2016, over $87 million was paid out to more than 16,000 people,” said ASIC deputy chairman Peter Kell.

“There are more than a million records of unclaimed money from dormant bank accounts, life insurance, shares and other investments waiting to be claimed, and we’re keen to reunite people with their money.”

People may have unclaimed money if they:

  • have moved house without informing their bank
  • have not made a transaction on their cheque or savings account for seven years
  • stopped making payments on a life insurance policy
  • have noticed that regular dividend or interest cheques have stopped coming
  • were an executor of a deceased estate