Editorial: $1.4m in cash waits for claim

There is more than $1.4million in rental bond money waiting to be given back to Northlanders.

It's not exactly Lotto but there is more than $1.4million in rental bond money waiting to be given back to Northlanders.

Unclaimed is $1,043,601.33 - that means that a tenancy has ended and no one has asked for the bond back within two months. That represents 3616 tenancies, to be exact.

Surprisingly, there are also 1457 bonds worth $397,393.55 that were uncollected.

This is a different kettle of financial fish. This is bond money that someone has started the process of getting back, has had the repayment approved, but has not followed through and received the money.

Most of the uncollected - remember, this has been approved to be paid out - money is in Whangarei where there are 849 bonds worth $250,420. The Far North has 495 bonds worth $117,911 waiting and Kaipara 113 worth $29,061.

Several years ago, our family was in between homes when we moved cities and we rented while we were selling our house.

We not only became tenants but we were landlords for the first time.

I was struck by the cash upfront required, more than $1000. I think most of it was the bond. I was also impressed with Tenancy Services, which holds the bond on behalf of the parties involved in a tenancy agreement. It was reassuring to have the money sitting in third party hands. And to have a process to follow to get the bond back.

Given the socio-economic lay of Northland's land, it is surprising that so much money is waiting to go back into locals' hands.

Perhaps not everyone realises, but after six years, any unclaimed bonds belong to the Crown. That should be all the incentive anyone needs to follow up on the paperwork.