Business Services Industry
Forget me notes: the millions waiting to be claimed.
Australasian Business Intelligence, January, 2002
Feb 1, 2002 (The Sydney Morning Herald
ABIX via COMTEX) -- The Australian Government is holding more than $A139m in unclaimed funds sent by banks, credit unions, and building societies. However, those with a legitimate claim to the funds are unaware, and have simply forgotten they had the funds in deposit accounts. Banking regulations require banks to transfer to the Government annually all funds over $A500 from accounts that remain unused for seven years. Westpac Banking Corporation states it has an "unclaimed monies" team to contact customers whose accounts remain unused for some time.
WESTPAC BANKING CORPORATION LIMITED
- ASX WBC:
AUSTRALIAN SECURITIES AND
INVESTMENTS COMMISSION
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