The new legislation that passed through parliament has changed the period for declaring a bank account as inactive. Previously a bank account could be deemed as inactive at 7 years. This is has now been reduced to just 3 years from 1 July 2013. Any savings account or term deposit funds that have not been touched by the owner for more than 3 years could be claimed by ASIC.

We encourage you all to make a minimum withdrawal or deposit in any savings account that you may not have accessed for the last 3 years. Further information can be found at ASIC here Changes to the Commonwealth unclaimed money laws