What is the Unclaimed Funds page about?

The Unclaimed Funds page from MyBudget explains that if you were previously a MyBudget client, your employer, creditor, or anyone who used your budget to deposit funds may have inadvertently transferred funds after your budget was closed, and MyBudget may be holding those funds for you.

Under what conditions will MyBudget hold unclaimed funds on behalf of a former client?

MyBudget will hold unclaimed funds on behalf of a former client if the total value of the funds exceeds $50 and the funds have remained unclaimed for less than 7 years.

What legal framework governs how MyBudget manages unclaimed funds?

MyBudget holds unclaimed funds under the Unclaimed Money Act 2021, which provides a legal framework for managing these amounts.

What happens to unclaimed funds if they remain unclaimed for 7 years?

If funds remain unclaimed for 7 years, MyBudget will transfer them to the Department of Treasury and Finance, and the former client may then contact that department directly to recover the funds.

How can a former MyBudget client check if they have unclaimed funds?

MyBudget provides a dedicated search function on its website that allows former clients to verify whether unclaimed funds are being held on their behalf.

What should someone do if MyBudget is holding unclaimed funds for them?

They can use the unclaimed money search function and contact MyBudget's team on 1300 300 922 to arrange for the funds to be sent to them.

What is required to retrieve unclaimed funds from MyBudget?

The client must be prepared to answer a few simple identity verification questions to confirm their details before the funds can be returned securely.

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