The federal government of Australia has snatched $360 million from 80,000 bank accounts that had been idle for 3 years or more.
“We have grandparents who put money aside for their grandkids’ future and farmers who have set aside money for a rainy day, but it was transferred to the government,” stated Australian Bankers’ Association chief executive Steven Munchenberg.
Hey Australia, the US federal government doesn’t need any competition in thievery, ok!?
THE federal government has seized a record $360 million from household bank accounts that have been dormant for just three years, prompting outrage in some quarters amid complaints that pensioners and retirees have lost deposits.Figures from the Australian Security and Investments Commission (ASIC) show almost $360 million was collected from 80,000 inactive accounts in the year to May under new rules introduced by Labor. The new rules lowered the threshold at which the government is allowed to snatch funds from accounts that remain idle from seven years to three years.
The rule change has delivered the government a massive bonanza with the money collected in the year to May more than the total collected in the past five decades combined. Between 1959 and 2012, the total collected was $330 million.
Leaving your money untouched for just three years could see it snatched back by the government. Source: News Limited
While the purpose of the laws is actually to reunite people with lost accounts before funds are eroded by fees and other charges, the lower threshold has been criticised as a budget cash-grab which affected accounts that were neither lost or forgotten.
Connie Franze, 68, and her son Vince, 45, told Fairfax Media they were trying to reclaim life savings of more than $12,000 that was taken by the government last June.
Ninety per cent of the accounts seized by the government had balances of less than $5000, although some were worth millions.
That sucks the BIG ONE!!
Don’t trust you goverment ,it don’t trust you.
that’s really $#%&!@*ed up. i don’t trust the banks.
Thankfully, Nebraska has an active state treasurer who set up the system for reclaiming for the people (or their heirs) abandoned money. After 7 years of being unclaimed from the source (bank account, etc.), the money goes to the state of Nebraska, with the state treasurer keeping track of where it came from. Every year, a supplement is published in the newspaper listing the accountholder’s name. The accountholder/heir can then submit their claim to get it back. There’s actually a nationwide list online, as well, for almost all the states. About 20 years ago, my mom’s maiden name showed up in the listing (she was married in 1941!) and she made a claim; it was for less than $100 for a “bond” for the City Auditorium in Holdrege, which her dad had purchased for her in 1936! He died around 1962. Nebraska does not charge for this service or take a % of the account. Australia (and a lot of other places) could learn from Nebraska! (One of only 6 or 7 states in the US that REQUIRES a balanced budget!) GO BIG RED!
Ok
no we don’t
That is THIEFT and it is ILLEGAL and anyone doing that be shot down there. They have no right to do that and its not theres
dont keep large amount in bank buy ins stock ins go up each year so does stock
THAT WAS A F==KED UP THING FOR AUSTRALIA TO DO.
That’s so wrong I pray they don’t start this stuff here