Australians have $1.2bln in lost accounts

Australians are being urged to check if they're among those with rights to $1.2 billion in forgotten accounts.

The federal government wants to reunite people with their lost dollars from forgotten life insurance, shares and other investments, including $650 million in unclaimed bank accounts.

"People are often pleasantly surprised when they search for their names using ASIC's MoneySmart Unclaimed Money online search," Assistant Treasurer Kelly O'Dwyer said in a statement on Wednesday.