If you find the idea of unclaimed money to be funny just like I did in the past, then you are in for a shocker. Many people are surprised to discover that they have unclaimed funds waiting for them, often in the form of forgotten bank accounts, uncashed checks, or overlooked insurance policies.
How to Check for Unclaimed Money in South Africa
It’s easy to overlook these assets, especially if you’ve moved or changed banks over the years. However, the reality is that unclaimed money is more common than you might think, and it’s estimated that billions of rands in unclaimed assets are waiting to be reunited with their rightful owners in South Africa alone.
Unclaimed money can happen due to an old bank account you forgot about, an inheritance you weren’t aware of, or even funds from a dormant insurance policy. If the idea of unclaimed money sounds too good to be true to you, you can follow this guide on how to check for unclaimed money in South Africa, who knows, you may have some funds waiting somewhere.
The idea of unclaimed money
Unclaimed money refers to any financial asset that has been left inactive or untouched by its rightful owner for an extended period. It can be bank accounts, insurance policies, pension funds, investments, and more. In South Africa, these unclaimed funds are held by various financial institutions and government agencies until their rightful owners claim them.
How to Check For Unclaimed Money in South Africa
If you suspect that you have unclaimed money anywhere, you can follow the steps here to check for it
Step 1: Determine where to search
The first step in checking for unclaimed money is to determine where to search. In South Africa, there are several sources you can explore:
- The Unclaimed Financial Assets Register (UFAR): UFAR is a centralized database managed by the Financial Sector Conduct Authority (FSCA) where unclaimed financial assets are held. This database includes unclaimed money from banks, insurance companies, retirement funds, and other financial institutions.
- Individual Financial Institutions: Some financial institutions have databases or processes for handling unclaimed money. If you suspect you may have unclaimed funds with a specific bank or insurer, you can contact them directly to inquire about their procedures for reclaiming lost or dormant assets.
- Government Agencies: In addition to UFAR, various government agencies also hold unclaimed money. For example, the South African Revenue Service (SARS) holds unclaimed tax refunds or overpayments.
You can use one or all of these sources to check for any unclaimed money.
Step 2: Gather Necessary Information
Before you begin your search, you need relevant information that can help you identify and claim your unclaimed money.
You will need:
- Full name and any previous names or aliases
- South African ID number or passport number
- Date of birth
- Previous addresses
- Any relevant account numbers or policy numbers
These details will help streamline the search process and increase the likelihood of successfully locating and claiming your unclaimed funds.
Step 3: Conduct your search
Once you’ve determined where to search and gathered the necessary information, it’s time to conduct your search. Here’s how to search for unclaimed money using UFAR:
- Visit the UFAR website: The UFAR website has a user-friendly interface for searching for unclaimed financial assets. You can access the website at www.ufar.co.za.
- Enter your information: On the UFAR website, you’ll be prompted to enter your personal information, including your full name, ID number, and other relevant details.
- Review the results: After entering your information, UFAR will generate a list of any unclaimed financial assets associated with your name. Review the results carefully to identify any potential matches.
- Follow the instructions to claim your money: If you find any unclaimed assets that belong to you, UFAR will provide you with instructions on how to claim them. You may need to submit documents verifying your identity and ownership of the assets.
Step 4: Follow up and claim your money
Once you’ve identified any unclaimed money, you need to follow up promptly and take the necessary steps to claim your funds. In some cases, you will be asked to complete claim forms, provide supporting documents, and communicate with the relevant financial institutions or government agencies.
Important note
The process for claiming unclaimed money varies depending on the type of asset and the institution holding it. Some assets can be claimed online, while others require you to submit forms via mail or in person.
The process isn’t much of a problem, if you find any unclaimed assets, you can follow the specific institutions provided by the institutions holding the assets to claim it.
