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Unclaimed money goes beyond $55 million

Do you or someone who you know has had money in a bank deposit account sometime ago and forgot all about it?

Have you or anyone else known to you had insurance proceeds, cheques or wages that remains in an account?

If the answer to the above is ‘Yes,’ you should contact Inland Revenue Department (IRD) without delay.

The list comprises commercial organisations, charities and individuals.

We have just been informed that more than $55 million remains unclaimed in the Department’s account.

But this does not include any tax refunds to which you may be entitled.

IRD Group Manager (Operations) Heather Dally said the amount ranges from small sums to more than $371,000 in one case.

“We have got records back to 1973 of nearly 97,000 cases of unclaimed money. More than $55 million is involved and we encourage those with genuine claims to contact us as soon as possible,” she said.

Ms Daly said the institution holding the funds is responsible for making every effort to find the owner, but they are obliged to remit all monies left untouched for more than six years to IRD under the Unclaimed Monies Act 1971.

“It can be hard to track down people who are constantly on the move, which is why unclaimed monies are transferred to IRD. We have been able to return about $1.7 million in unclaimed money,” she said.

The Department has an alphabetical list of names covering up to September 30, 2010. For details, visit http://www.ird.govt.nz/unclaimed-money/

Ms Daly said people who believe they may have unclaimed money can write to Inland Revenue, P O Box 38222, Wellington Mail Centre 5045 or

email unclaimed.monies@ird.govt.nz

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