The Bank Account You May Have Forgotten
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Most people remember their main bank account. The older savings account you opened years ago is another story.
Perhaps you changed banks, opened an account for a particular purpose, or moved your savings elsewhere. Over time, that account may have slipped from your attention. If you’ve changed banks several times throughout your life, it’s worth taking a moment to think about whether you still have accounts you’ve forgotten.
Start with your paperwork. Look through old statements, letters, and emails from banks you no longer use. You may also find references to accounts in your tax records or other financial documents. Even an old account number or bank name can give you somewhere to start.
If you find an account you haven’t used for years, don’t assume the balance is zero. There could be a small amount of money sitting there, along with accumulated interest or fees depending on the account and its terms.
New Zealand also has rules around unclaimed money. Bank accounts and other financial amounts can eventually be treated as unclaimed when there has been no contact with the owner for a specified period. The money doesn’t simply disappear, but finding and claiming it can require some investigation.
This is particularly worth considering if you’ve moved house or changed your name. Banks and other financial institutions may have outdated contact details, making it harder for them to reach you about an old account.
If you discover an account that you no longer need, contact the bank and ask about closing it properly. Make sure any remaining balance is transferred to an account you actively use and that any automatic payments or deposits have been dealt with first.
It can also be useful to keep a simple list of your current financial accounts. You don’t need to record passwords or sensitive security information. Just noting the institution and the type of account can make your financial paperwork much easier to manage.
An old bank account may contain very little. But if you’ve been banking for decades, there’s a reasonable chance you’ve accumulated a few financial loose ends along the way. Finding them now is easier than leaving them for someone else to untangle later.
