The search begins
By taking advantage of the access it has to its parent company’s large customer database, CommInsure has begun reuniting its customers with superannuation accounts that have been forgotten or left behind when switching to a new super fund.
The old accounts are transferred into CommInsure’s SuperTrace Eligible Rollover Fund before a process is begun to track down their rightful owners.
The bank has already contacted 17,000 of its customers, which resulted in 1,700 people being reunited with more than $2.5 million of their money.
CommInsure general manager of life, super and investment products Clive Levinthal said $140,000 was the highest amount reunited with its owner so far.
“This customer has been a member of the SuperTrace Eligible Rollover Fund for 10 years and didn’t know he had $140,000 in this fund,” he said.
“Through our new data-matching procedure, we matched the customer with his lost money and wrote to him to inform him of it. It certainly was a great way for him to start the New Year.”
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