Reuniting clients with their forgotten funds

When a Uniting Financial Services (UFS) client received a call from a UFS staff member recently, little did she know that she was about to receive a welcome Christmas surprise. 

Our Partner Solutions and Support (PSS) team member had called to remind the client that she had funds invested with UFS that had been sitting dormant for some time. 

“But I only have a small amount and when I die it will go to my sister. Given the fact I am 88, that may be quite soon,” she responded. 

The client, a former Minister, was therefore extremely surprised to learn that, rather than a small amount, she in fact had a substantial amount invested with UFS that she was not aware of.   

How funds are forgotten

At UFS, we know that managing personal finances can be tough – with home loans, insurances, investments and savings, most Australians have multiple accounts to stay on top of and, as a result, some of these may be forgotten.  

This is particularly the case when someone has passed away. Family members may be required to go through the probate process, communicate with lawyers and fill out lengthy forms during a difficult period in their lives in order to claim funds. As a result, many put it in the ‘too hard’ basket or simply forget. 

Keeping your details up to date

According to ASIC, there is more than $1.5 billion of lost money that has yet to be claimed in Australia¹. Keeping financial services providers updated is important, particularly if your name, address, email or any other personal details have changed. Without the right information, it can be difficult for organisations to keep in touch with you. 

If you have a loan or facility with UFS and your details have changed, you can let us know by filling out a Change of Details form, which is available on our website, or by emailing the Partner Solutions and Support team at contactus@unitingfinancial.com.au 

Shannon Kong, Head of Partner Solutions and Support, Uniting Financial Services