Unclaimed money and how to get it back

Money in a bank account can become unclaimed if there have been no deposits or withdrawals for seven years or more. This can also happen when an account belongs to a company or business that has stopped operating and been deregistered.

Under Australian law, banks must transfer unclaimed account balances of $500 or more to the Australian Securities and Investments Commission (ASIC). ASIC keeps a public register and holds the money until it can be returned to the rightful owner.

What happens to the money?

If the balance is $500 or more

If your NAB account has been inactive for seven years or more and has a balance of $500 or more, we’ll close the account and transfer the money to ASIC’s Unclaimed Money Fund. You’ll need to search the MoneySmart register before you make a claim.

If the balance is less than $500

• If your NAB account has been inactive for seven years or more and the balance is $499.99 or less, we’ll close the account.
• NAB will hold the money from the closed account.
• You don’t need to search the MoneySmart website.
• Visit your nearest NAB branch or call us to request a refund.

How long an ASIC claim can take

A claim can take up to three months. If ASIC pays interest on your money, we’ll include it in your payment.

How to stop your account becoming unclaimed

Keep your account active by:

• making a deposit or withdrawal at least once every seven years — even a transaction of $0.01 counts
• keeping your contact details up to date so we can contact you
• responding to any messages we send you about inactivity.

What to remember

• Australian law governs how unclaimed money is managed.
• There’s no deadline to make a claim.
• It’s free to search and claim.
• We’re here to help.

Deceased estate accounts

If you’re enquiring about an account held by a deceased NAB customer, you can contact the NAB Bereavement Services on 1300 911 451 Monday to Friday, 8:00am to 5:00pm or +61 3 8903 9992 if you're calling from overseas.