What is unclaimed money?

If it has been a number of years since your last interaction with your bank account or term deposit, and you have not contacted Westpac New Zealand in relation to your banking, the funds under your name may become subject to the Unclaimed Money Act.

Under the terms of the Unclaimed Money Act, we're required to pay the funds in a bank account to the Inland Revenue (IRD) where:

• a bank account has not been touched for 5 years, and;
• an account owner has not interacted with Westpac New Zealand on other matters, and;
• we are unsuccessful in making contact with the account owner.

For a term deposit this is when:

• we haven't heard from the account owner for 5 years or more after the end of the first period for which the term deposit funds were invested, and;
• an account owner has not interacted with Westpac New Zealand on other matters, and;
• we are unsuccessful in making contact with the account owner. 

If we have a valid postal address for you we'll send you a letter about funds that may become unclaimed money. The funds will be transferred to the IRD if we don't hear from you by the date outlined in the letter. Once unclaimed money is transferred to the IRD, you will need to contact them to claim the funds. 

So that we can contact you it's important that your personal details, such as your email address, phone number and address, are up to date - here's how to update them.

Things you should know.

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