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OverSword

Australia;Inactive bank accounts to be seized

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This is just unbelievable, I guess if you want to save for a rainy day in australia you have to hide your money in your matress.

From the article:

HOUSEHOLDS face losing up to $109 million from their family savings as the Federal government moves to seize cash from inactive bank accounts.

After legislation was rushed through parliament, the government will from May 31 be able to transfer all money from accounts that have not been used for three years into their own revenues.

http://www.news.com.au/money/banking/cash-grab-inactive-bank-accounts-to-be-seized/story-e6frfmcr-1226585867131

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Further proof, if it was needed, that Politicians worldwide have no shame.

p.s. :(

Edited by Eldorado
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This is just wrong for so many reasons... Assuming that the account is inactive due to death or some such (the only reason it would be abandoned that I can think of - not inactive - abandoned) the money would rightly belong to the heirs of the deceased - not the politicians...

And then there are the people that just put money away and let it sit drawing interest...

Wow...

As an aside can the people seize the cash of the politicians that have been inactive in office for three years (or ineffective)?...

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I've not read the article yet, but this is totally shocking. What the previous 3 posters said +1.

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Sounds like a bunch of thieves to me. What about the heirs or maybe they were putting it back for a rainy day. They said you could try to get it back but it was a long process.

The article said they were already doing this but it had a 7 year time limit on it before. Guess they wanted to bump it up to 3 years so they could get at it sooner.

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They could use the money to build a replica of the Titanic...

Sorry, wrong thread. :whistle:

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Unbelievable.

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Sounds like a bunch of thieves to me. What about the heirs or maybe they were putting it back for a rainy day. They said you could try to get it back but it was a long process.

The article said they were already doing this but it had a 7 year time limit on it before. Guess they wanted to bump it up to 3 years so they could get at it sooner.

THEY WERE ALREADY DOING IT??!!!! I can't believe the Australian people put up with that. It makes me think the Australians should do what the Icelanders did with their banks! Of course maybe it's more the government in this case than the banks, but one wonders if they're hand-in-glove...at least the big banks. Anyway what a shame. 10 "likes" on all the previous comments!

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Other than officially protest the 'law' about the best thing to do would be to put up billboards all over the place with their names and faces and in big letters write "THIEVES" and then vote everyone of the rat bastages out of office next election, and put in those who officially state they will correct the insult...

Of course a lot of voters only have a three day memory when it comes to their politicians, so....

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Nothing more than a scummy cash grab. Seems the reason for this is because the current government is going to have a large debt in their next budget so they figure stealing a bunch of money would be the lesser of two evils. Hopefully the public outcry will put a stop to this and they'll be given the boot at the next election.

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There's sod all chance of the Australian government being voted out because the opposition is actually worse.

The best we can hope for is that Julia will be given the boot, but because she's from the Chardonnay Socialist Belt, she'll be fine.

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There's sod all chance of the Australian government being voted out because the opposition is actually worse.

The best we can hope for is that Julia will be given the boot, but because she's from the Chardonnay Socialist Belt, she'll be fine.

And be replaced with who? Katter? Abbot?

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THEY WERE ALREADY DOING IT??!!!! I can't believe the Australian people put up with that. It makes me think the Australians should do what the Icelanders did with their banks! Of course maybe it's more the government in this case than the banks, but one wonders if they're hand-in-glove...at least the big banks. Anyway what a shame. 10 "likes" on all the previous comments!

Both the Federal Govt and the State Govts are just a bunch of money laundering thieves. The problem is that Australians haven't got much of a choice as far as political selections.

There are mainly two/three major political parties, a Right Centre Right wing Coalition, National and Liberal Parties and the Centre Left Labor Party. There doesn't even appear to be any ideological differences between them anymore. All they seem to have on their agenda these days is how to sweet talk and screw the taxpayer without them noticing.

The reason Australians don't erupt is because overall the standard of living is very good. Not thanks to our current political leaders though. The country has high mineral and natural resources, is only 200 years old and has modern infrastructures (although should be better, specially in Sydney), has good trading partnerships with a populous continent such as Asia at their door, unemployment is fairly low thanks to the concentration of most of the population in the big cities, where there is work.

All these current political monkeys can do is make it worse and they're giving it a good shot too.

Edited by Black Red Devil
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And be replaced with who? Katter? Abbot?

aa I said, Abbot hasn't a damp spit in hell's chnce of winning, Katter's running his own party, so we may get Wayne Swan as PM, maybe onevof Julia's old loyalists.

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There are mainly two/three major political parties, a Right Centre Right wing Coalition, National and Liberal Parties and the Centre Left Labor Party. There doesn't even appear to be any ideological differences between them anymore. All they seem to have on their agenda these days is how to sweet talk and screw the taxpayer without them noticing.

Ive heard this somewhere before but cant remember where. Do you guys in Autz think the $$ figure of 100mil in confiscated accounts is an accurate number ?

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Both the Federal Govt and the State Govts are just a bunch of money laundering thieves. The problem is that Australians haven't got much of a choice as far as political selections.

There are mainly two/three major political parties, a Right Centre Right wing Coalition, National and Liberal Parties and the Centre Left Labor Party. There doesn't even appear to be any ideological differences between them anymore. All they seem to have on their agenda these days is how to sweet talk and screw the taxpayer without them noticing.

Same here, mate. Same here. :(

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Both the Federal Govt and the State Govts are just a bunch of money laundering thieves. The problem is that Australians haven't got much of a choice as far as political selections.

There are mainly two/three major political parties, a Right Centre Right wing Coalition, National and Liberal Parties and the Centre Left Labor Party. There doesn't even appear to be any ideological differences between them anymore. All they seem to have on their agenda these days is how to sweet talk and screw the taxpayer without them noticing.

I wish you guys could somehow start a grass-roots party that would actually be in favor of the people.

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Another angle of this for me is the banks themselves. In the US if one doesn't keep an account at a bank then most transactions involving checks and other financial instruments are loaded with fees. The bank gets a cut regardless. I'd like to see independent, citizens rights oriented credit union type institutions take over in banking. Something akin to a not for profit financial services sector on a limited scale. The people would RAVE over such a choice, I think.

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This is just unbelievable, I guess if you want to save for a rainy day in australia you have to hide your money in your matress.

From the article:

HOUSEHOLDS face losing up to $109 million from their family savings as the Federal government moves to seize cash from inactive bank accounts.

After legislation was rushed through parliament, the government will from May 31 be able to transfer all money from accounts that have not been used for three years into their own revenues.

http://www.news.com....r-1226585867131

States in the US have been doing escheat for decades.

Banker view, In the old days accounts would sit for years usually a deceased party and heirs had no clue they had money. Letters sent to address before escheatment are usually returned unknown address of forwarding instead of claimed, banks added hours to their payroll complying with the state and didn't get anything back for doing the state's paper work.

When most banks were small and just started using remote online systems that were usually provided by a larger more techno bank. So here you have that majority of the accounts being small and ended up keeping them on the books for years and paying a fee to a BIG bank to process it for years. Small bank would pay processing fees just by housing it on a computer information system which would end up costing them more than what was even in most of the accounts.

Things changed, even the small banks started dormant account fees to recover losses before account escheated. So if you have a fee say $5 monthly yearly or whatever and the account would service charge out and close more quickly. By the time the escheatment time comes for high balance accounts, what's left all goes to the state.

The states got greeder or smarter ? in the end too. Before you could inquire on unclaimed funds and send in a claim to recover with no charge. Today we are modern and can do online free searches but the state charges a fee of say $50 with the claim form. They don't tell you the amount, so you may end up having a fee being more than your unclaimed account!

This is how it works, welcome to the American way Aussies !

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Two of the most dangerous organizations fighting, in a land that most people have never seen or could imagine, for control over some powerful object that we don't fully understand, under the name of the dead and forgotten, and following in the shadows of the long fallen USA.

This is a conspiracy theorist's wet dream :P

Banks are going to notify you before it happens, because if they don't they don't have access to the account either. They use money to make money after all. If the amount isn't worth the effort then nobody would really lose out. (Does Crazy Bob really need any amount of money if he is that far off the grid to not even accidentally keep the account active and miss the warning the bank would give him? I really doubt it.)

Just don't use a government owned bank.

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