FREQUENTLY ASKED QUESTIONS

Why don't I know about this?
When payments are sent out to the owners by Government departments, banks, solicitors, businesses and insurance companies, if the cheques are are unable to locate you, the money usually is classified as unclaimed and ends up in Government trust accounts or banks.
What happens to unclaimed money?
Unclaimed money is usually classified as unclaimed and ends up in Government trust accounts or banks. Businesses are required by law to turn unclaimed funds over to the Government to be held in trust accounts until the money is claimed. Banks have to advise the appropriate departments but may retain the money until it is claimed. As Government departments have limited resources to try and find the owners, the unclaimed funds are kept for a set period of time before becoming Government revenue.
Why hasn't anyone tried to contact me?
Unclaimed money is usually classified as unclaimed and ends up in Government trust accounts or banks. Businesses are required by law to turn unclaimed funds over to the Government to be held in trust accounts until the money is claimed. Banks have to advise the appropriate departments but may retain the money until it is claimed. As Government departments have limited resources to try and find the owners, the unclaimed funds are kept for a set period of time before becoming Government revenue.
Where is the unclaimed money held?
The unclaimed funds are held in different Government departments and institutions until there is a proven claim by the rightful owner. After a set period of time, if they are not claimed, they are transferred into Government revenue. This makes it much harder to access for both Confidential LMA and other independents.

Where does the unclaimed money come from?

Unpresented Cheques Old Savings & Chequing AccountsRefunds and Over Payments from Councils and Government Offices Unclaimed Insurance Policies Refunds from Investment AccountsCompany Share Dividends
Superannuation InheritancesLotto Winnings Share Dividends Unclaimed WagesTax Returns Security Deposits
How long does this whole process take?
The institution holding the money is the main contributing factor towards how long the process will take. Some claims can take up to 28 days to finalise. Confidential LMA acts with the upmost haste when completing claims; if there are any delays in this process via external factors, you will be contacted by someone from the Confidential LMA team.
Does this cost me anything?
Yes, there is a small recovery fee. Just as you would pay, for the services of a tradesman or proffessional service. Confidential LMA does not charge any upfront fees. Our fees are paid only on successful recovery and are clearly outlined in our terms and agreement. When your funds have been recovered successfully you will receive a cheque in YOUR NAME, so that you can bank it directly into your bank account. vIf for some reason your funds are unrecoverable, you will not pay any fees.