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Unclaimed Monies: Changes to legislation

If you do not make a deposit or withdrawal (excluding bank charges or interest paid) on an account for 7 years, Westpac will notify you (if we have a valid address) that the account will be closed.

If the account balance is $500 or more the balance will be transferred to the Commonwealth Government's unclaimed monies fund. The Commonwealth Government maintains a database for unclaimed money transferred from financial institutions.

Westpac will assist you in making a claim to recover monies that have been transferred to the Commonwealth Government unclaimed monies fund. Please be aware, this process can take up to 3 months.

To make a claim for balances that Westpac has treated as unclaimed monies:

  • Print and complete the 'Unclaimed monies form' below,
  • Visit and return the form to your local Westpac branch.

Please note: you will need to provide sufficient documentation for us to verify your identity and account ownership.

 

Unclaimed monies form (PDF 64KB)

Things you should know

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