In Australia, hundreds of millions of unclaimed dollars are waiting to be collected, all due to outdated banking information with Services Australia.
The organization has revealed that 974,000 Australians are owed a total of $274.5 million in unclaimed Medicare benefits.
Officials are urging citizens to ensure their Medicare online account is updated with their current bank details to facilitate smooth transactions.
On average, individuals are entitled to receive about $280 each.
The most substantial amount is owed to young Australians, with $65 million allocated for 255,000 people aged between 18 and 24.
A Services Australia spokesperson advises Australians to update their personal details with Medicare when they change bank or address.
How to check
To receive Medicare benefits, Services Australia needs your bank account details.
To check whether you’re owed money, log in to your myGov account, or create one if you don’t have one.
Ensure your account is linked to Medicare.
Then, check that your bank details are up to date. You’ll need to provide your BSB, account number, and account name.
You can find detailed instructions on the Services Australia website.
Once you’ve provided the required information, if you’re owed money, any unpaid Medicare benefits will usually be paid into your account within three days.
If you’re not comfortable completing the process online, you can contact the Medicare line on 132 011 or visit a service centre to update your bank details.
Billions in unclaimed money across Australia
There are multiple pots of unclaimed taxpayer money across the country.
The Australian Taxation Office (ATO) said in October there were seven million Australians who could be owed a share of a $19 billion pool of lost and unclaimed superannuation.
It said the average amount owed was $2,590.
You can find the ATO’s guide to search for lost and unclaimed super here.
Other sources of unclaimed money include deceased estates, lost share dividends, wages, cheques, overpayments and more.
Each state has a database to search for unclaimed money.
You can find each database here: