Australians are being urged to check whether they are owed a share of more than $2.7 billion in lost or unclaimed money sitting with the Australian Securities and Investments Commission (ASIC).

The national corporate regulator is encouraging people to spend a few minutes searching for forgotten funds that may be linked to old bank accounts, shares or insurance policies.

The money is often left behind when people move house, change their name or lose contact with financial institutions over time.

In some cases, the unclaimed funds date back to the 1950s.

The largest individual amount still waiting to be claimed is $1.3 million.

Australians can search for lost money by entering their name on the MoneySmart website operated by ASIC.

There is no deadline to claim the money, meaning Australians can check and recover any eligible funds at any time.

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