Think you may have unclaimed money?
What is unclaimed money?
When you forget to update your details with us, it can be easy to lose track of your PayPal account and your PayPal balance.
Your PayPal account becomes unclaimed if the account is inactive for more than 7 years (no transactions or withdrawals) and if you do not advise us that you wish to treat the account as active.
We will contact you using the contact details you have with us if we identify that your PayPal account has been inactive for more than 7 years. If we do not hear from you, and the balance in your unclaimed PayPal account is over $500, we are required to pay that balance to the Australian Securities and Investments Commission (ASIC) under legislation.
How to claim your lost money
Unclaimed money is available to be claimed at any time by the rightful owner.
You can check ASIC’s MoneySmart website to see if you have any unclaimed money. If you have unclaimed money from PayPal, ASIC will provide you with an Original Transaction Number (OTN).
Once you have an OTN, you can make a claim for your unclaimed money by completing an Unclaimed Money Request Form and emailing it to us at firstname.lastname@example.org or AU_unclaimedmoney@paypal.com. You’ll also need to provide identification and other documentation to allow us to verify that you own or are authorised to operate the PayPal account.
After we receive your valid request, we will contact ASIC to release your money to us and then make it available to you using the method you nominated in the request form.
If you were an officeholder or shareholder of a company that is now deregistered and the company held a PayPal account, you will need to apply for the company to be reinstated before we can release the money to you.
You should check ASIC’s MoneySmart website to see if the company has any unclaimed money recorded with ASIC. If you believe you have reasons to not reinstate the company, or if the costs of reinstatement are more than the amount of the unclaimed money, you can contact ASIC to assess your claim. For more information, visit the MoneySmart website.
If you are the Executor or Administrator of the deceased estate of a person with an unclaimed PayPal account, you can make a claim for the unclaimed money by completing an Unclaimed Money Request Form and emailing it to us at email@example.com or AU_unclaimedmoney@paypal.com. You’ll need to provide the OTN and other documentation to enable us to verify that you are authorised to administer the deceased estate.
If you are a beneficiary of the deceased estate of a person who died without a will or grant of probate, and who has an unclaimed PayPal account, you may be able to claim the lost money from ASIC. For more information, visit the MoneySmart website.