What to expect
- Monimine cannot tell you if there is a match or not. This is to protect you and your data.
- If there is a match, the financial institution will be in contact with the relevant person directly.
- Monimine will not be able to respond to any questions or queries regarding the match. Please do not request this information by email, telephone or in writing. Again this is to protect you and your data.
- If there is a match, you may not be able to access the money immediately. See below for details.
It can take time
Don’t expect to get a match straightaway
This is a never ending process, as we are gaining access to more and more financial databases all the time.
Your details will be matched against new financial databases as they are added
If your data does not match to one database, there are still hundreds more that could hold money belonging to you. The details that you have submitted will be held indefinitely, so please make sure that you keep them updated.
The financial institution will refresh their data as regularly as once a month and each month new financial databases are being added.
Even if a match does occur, it can still take many weeks
Financial Institutions have to be 100% sure that they are matching with the right person and so the checks involved can take time. Please be patient.
What if there is a match?
There are three types of matches:
- A match against your details If you provided the details for your parents or grandparents, there could also be
- A match against a relative (parent or grandparent) that is alive
- A match against a relative (parent or grandparent) that is deceased
- A match against your details
- Monimine will alert the appropriate financial institution about the match immediately.
- The financial institution will undertake their usual checks to ensure that they are matching against the right person. This may or may not involve contacting you directly.
- If after the checks the financial institution thinks they have match against the right person, they will make contact with you directly.
- If you are already in touch with the financial institution (for example, if it’s a current account and the financial institution already has all of your correct details) they may not wish to waste resources by making contact with you again, you will just continue to receive your communications as normal.
- The financial institution will not communicate with you at all about this. They will conduct their checks as normal and then contact the relative directly. This is to ensure data protection legislation is not breached.
- The financial institution will request certain documentation from you to establish the legal beneficiary.
- If the deceased person made a will, any assets will be distributed according to the will.
- If the deceased person nominated a named beneficiary as part of the policy, any money will be distributed according to this.
- If the deceased person died intestate (without making a will). Any money will be distributed according to these rules. The financial institution may or may not be in touch to request documentation (death certificates etc) so that the legal heir can be identified and paid.
The money may not be immediately available
If the match is against a Pension policy for instance, the usual rules regarding pensions will apply and money will not be available until after the owner has reached a certain age, usually 55 or over.
Sometimes policies are only payable upon death, so this is another example of when a policy may not be immediately payable.
What happens if I don’t get a match?
If there is not a match, you will not be contacted by Monimine or the financial institutions.
Your details will be retained and checked against new financial databases as they are added to Monimine.