fidelity choice

Asset Recovery Services

“Australia currently has a staggering $1.2 billion in unclaimed money including lost shares, bank accounts and life insurance waiting to be claimed. You could be sitting on a sizeable nest egg and not even know about it”

Why have I been contacted regarding finances that have been lost?

At FIDELITY CHOICE Asset Recovery Services we reach out, assist and work with individuals and companies that are entitled to lost and unclaimed money. We may have contacted you because we believe there may be an unclaimed financial asset owed to you. In most cases, people are unaware that their money is lost and waiting to be claimed, so it’s likely to be a nice surprise to learn of this financial windfall.

The Unclaimed Asset Industry is a highly regulated industry, with either Commonwealth or State Legislation governing the treatment of such funds, depending on the type of asset in question. As Recovery Agents we work on your behalf and liaise with various government agencies, departments, solicitors and banks to ensure the recovery of your funds is smooth and successful.

Types of lost money waiting to be reunited with its owners:

$ 651

Million Shares

$ 1.2

Billion Bank Accounts

$ 84

Million Life Insurance

5 Great Reasons To Get Started​

  • 100% Risk Free
  • No Upfront Fees or Costs
  • Work With Experienced Refund Agents
  • Stress Free Claim Processing
  • Receive Updates by Phone, Email or SMS

Who We Are

FIDELITY CHOICE Asset Recovery Servicesis an Australian based, privately owned and operated business that specialises in location and recovery of unclaimed funds, and the subsequent return to the legitimate owner. We pride ourselves in our transparency and expertise, and as professional Unclaimed Asset Recovery Agents, we aim to simplify, educate and guide you through the entire asset recovery process. At FIDELITY CHOICE Asset Recovery Services we abide by the strictest confidentiality and privacy processes, and work on your behalf to facilitate the successful retrieval of monies owing to individuals, business, and all organisations across Australia.

Individuals

Corporate & Business

Government & Charities

What is lost and unclaimed money in Australia?

Individuals and companies occasionally lose track of monies owing to them. This may happen because of a change of address, change of name, change of employer, a move overseas, or just plain oversight. When this happens, and the owner of the funds cannot be located, the money is legally still owing, and becomes classified as “unclaimed”.

Australian legislation dictates that every business MUST keep a yearly register of unclaimed moneys owing and lodge a return transferring these funds to government agencies to administer. These unclaimed funds are held in trust until they are claimed by the rightful owner, or otherwise expire and become consolidated government revenue.

There are many different types of financial assets that can become classified as unclaimed funds. State and Commonwealth legislation determines when an asset becomes “unclaimed”, for example –

– Unpresented cheques
12-18 months from date of issue, cheques can no longer be banked and become unclaimed

– Bank Accounts, Building Societies and Credit Unions
an account is classified as unclaimed if left dormant for 7 years

-Trust Account Monies
monies held for more than 2 years are classified as unclaimed

-Superannuation funds
when a member reaches pension age and cannot be contacted, the funds are declared unclaimed.

Some examples of unclaimed financial assets are :
  • Dormant bank accounts
  • Forgotten superannuation
  • Lost share accounts
  • Life insurance
  • Unpresented cheques
  • Share dividends, bonds, debentures, convertible notes
  • Moneys owing as a result of company acquisitions, liquidations
  • Trust account moneys
  • Tax return refunds
  • Rental and council bonds
  • Deposits
  • Statutory claims compensation
  • Lottery winnings
  • Royalties
  • Inheritances / Deceased Estates

Statistics

ASIC reports that as at June 2017 there is by state and territory unclaimed
  • $380 million in New South Wales
  • $197 million in Victoria
  • $112 million in Queensland
  • $75 million in Western Australia
  • $35 million in South Australia
  • $15 million in Australian Capital Territory
  • $9 million in Tasmania
  • $8 million in Northern Territory
The Federal Government publishes these statistics every year – in fact 98% of these unclaimed funds end up as consolidated government revenue!

How is my money returned?

Our refund experts specialise in finding unclaimed funds for Australian individuals and companies who have lost track of their money. We assist in first verifying the identity of the rightful owner(s) and then assist with the claims process by managing the documentation, preparation and submission of claims.

If I don't choose to claim these lost monies, what happens then?

The answer is simple; the funds will stay (in many cases) in a Government trust account and will remain unclaimed. Then, depending on which authority holds the funds, the money will be transferred into the Government’s consolidated revenue fund once a certain period of time has passed.

How do people misplace millions of dollars every year?​

Every day, people and businesses leave cash in financial institutions, insurance companies, and with Government authorities. It’s human nature to forget and even the best kept records can have gaps.It is estimated that 1 in 3 individuals actually have money owing to them without their knowledge. Most commonly, money is lost because of:

Overseas Move

Perhaps you forgot about a deposit? (It's more common than you think.) Many people move overseas and forget to notify or change their details with their service providers.

Oversight

People forget about their investments all the time. Maybe you invested in some shares when you were 20 and forgot all about them, this is quite common.

Moved House

Perhaps you moved house and may have forgotten to update your new contact details to the relevant organisation and they were unable to contact you or your new address may not have been updated correctly.

Married / Change of name

This is one of the more common situations where money can become unclaimed!

The Recovery Process- Step by Step

Our Asset Recovery Agents specialise in searching and locating potential owners of
unclaimed assets, for Australians that have lost track of moneys owing.

Step 1

Identify the potential owner via extensive unclaimed money searches.

Step 2

Verify your identity to confirm legitimate ownership of asset– we require identity documents – 100 points of Identification.

Step 3

Authority to Act – signed and returned, together with identification, to confirm you are the lawful owner of funds.

Step 4

Certified copies of documents are required to prove your identity and connection to the unclaimed assets.

Step 6

Certain agencies may require further documentation.We verify all certified documentation and prepare and process the claims proposal. Once submitted, claims processing time is typically 6-8 weeks, however will vary depending on the type of claim / government department that administers the financial asset.

Step 6

Once successfully processed we forward unclaimed funds, less our fees directly to you by bank transfer or cheque. There are NO UP FRONT FEES – we only get paid if your claim is successful.

Rest assured, that by engaging professional recovery agents, just as one would hire tax agents or solicitors to assist, the entire process is simplified for you. Our mission is to be transparent – we support and guide you, and keep you updated throughout the entire process, until the claims successful completion.
Please download, complete and send back to us to
commence your claims process.
DOWNLOAD OUR AUTHORITY TO ACT

Read more about Unclaimed Money in the news

While this particular article discusses bank accounts alone, you can see you’re not alone in having lost funds. A staggering $1.1 billion is currently sitting unclaimed by Australians.
READ MORE

What Keeps us in check!

What laws do we have to abide by?

We are bound by various Commonwealth and State legislation, to ensure that we undertake the correct protocols to return funds to legitimate owners. FIDELITY CHOICE Asset Recovery Services abides by strict privacy and confidentiality regulations, and only upon positive proof of identity will offer our professional services. We may ask for further identification to satisfy these obligations.

Are We Licenced PRofessionals?

We are trained through Create Business, they serve as a third party validating our claim as a refund professionals. We are frequently updated with industry information which keeps our knowledge and training relevant so you can be sure you are putting your trust in the hands of up-to-date industry experts.
Scroll to Top