topic Re: Desperation or wot? in Community Spirit

Desperation or wot?

poddster — Tue, 26 Feb 2013 03:11:59 GMT

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

If you have a bank account that has not had any activity in the last three years you better get active in it or Swannie in desperation will get his grubby paws on it and rip you off.

Re: Desperation or wot?

catsnknots — Tue, 26 Feb 2013 03:42:30 GMT

yes it is a sneaky and desperate act.. If I choose to have a savings account sitting for personal reasons why should the government get it's hands on it... .

and the Private Heath insurers are changing the way they fund public hospital stays is also a cash grab by this government.

They say it is not related to the changes happening in 2014 where any short fall would be covered by the Commonwealth

http://www.theaustralian.com.au/national-affairs/health/states-face-gouging-claim-amid-health-row/story-fn59nokw-1226584595550

Now i first heard about this on ABC radio... I have only linked this article because it is the only one i can find that is discussing it.

The commonwealth owned private health insurer Medibank will now have a return of profits to Swannies purse of I think $30 million. It also means that the government does not have to schedule in payments to the states for the following budget where the new agreement to take place will be that if the private health insurers make changes that leave the public hospitals worse off the commonwealth will pay the difference.

Re: Desperation or wot?

the_great_she_elephant — Tue, 26 Feb 2013 03:47:44 GMT

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

If you have a bank account that has not had any activity in the last three years you better get active in it or Swannie in desperation will get his grubby paws on it and rip you off.

The money can be reclaimed from ASIC but the process can take months.

If the account has been inactive for three years it is highly unlikely that a wait of a few months is going to be a great hardship to the holder.

And speaking for myself, if the money is just sitting there I'd rather the Government were getting the benefit from it than the banks!

Of course, I suppose there is always the danger that a new, incoming Government;-) might up the ante and make the money impossible to reclaim

Re: Desperation or wot?

id_pending — Tue, 26 Feb 2013 03:47:57 GMT

I have to say it is slight concerning. I have a rainy day account...I dont think I have put money in it for a couple of years now but it does slowly grow....a tiny bit each month with interest.

Its an easy fix though really. I just have to make a deposit into it (or withdraw) and its safe for another couple of years.

It seems its always been the case, just now with a shorter time frame.

Certainly something I never heard of. Does the bank or government at least give ample notice?

Re: Desperation or wot?

catsnknots — Tue, 26 Feb 2013 03:48:05 GMT

http://www.abc.net.au/radionational/programs/healthreport/private-health-funding-reductions-in-public-hospitals/4537624

this is the Pod Cast..

Please have a listen... these are the really important things you should be listening too before you decide to vote in this next election.

When jobs are cut in the health industry you cannot lay the blame on the state governments alone.

Re: Desperation or wot?

catsnknots — Tue, 26 Feb 2013 03:51:11 GMT

If the account has been inactive for three years it is highly unlikely that a wait of a few months is going to be a great hardship to the holder.

This statement is so wrong... a lot of businesses have this type of account and use it when they get into trouble... people have these accounts to use in an emergency... to be told you can't access the money for a funeral for example will be very distressing.

Re: Desperation or wot?

id-to-post-anything — Tue, 26 Feb 2013 04:17:26 GMT

a lot of kids have this type of an account.

My son is one of them

He had a certain special birthday where he was given quite a lot of money (for a teenager). He has saved it ever since. In my books he has been fantastic in not touching the money.

Luckily we got a letter in the mail about this, last week. He has just moved the money around in circles, so the account has now been used.

I think its disgusting. Lots of kids have these types of accounts. There are lots of "rainy day" or university or holiday or emergency accounts

How am very angry that the govt thinks they have some right to this money.X-(

Re: Desperation or wot?

the_hawk* — Tue, 26 Feb 2013 05:13:30 GMT

The money can be reclaimed from ASIC but the process can take months.

If the account has been inactive for three years it is highly unlikely that a wait of a few months is going to be a great hardship to the holder.

And speaking for myself, if the money is just sitting there I'd rather the Government were getting the benefit from it than the banks!

Of course, I suppose there is always the danger that a new, incoming Government;-) might up the ante and make the money impossible to reclaim

It was 7 years which is a much more reasonable time, I have a number of high interest accounts that I move money between depending on who is paying the best interest at the time, They tend to go in cycles and when I take money from one account there can be any thing up the $1000, left there till the next time that bank pays more than where I moved it to, its not surplus money i have forgotten about, I cant leave a zero balance and its silly to close the accounts as they may be used again within months or they may not depending on who pays what.

Re: Desperation or wot?

poddster — Tue, 26 Feb 2013 05:40:39 GMT

[

And speaking for myself, if the money is just sitting there I'd rather the Government were getting the benefit from it than the banks!

What gives you the misguided impression that banks are getting the benefit of an account held by a person?

In fact the account holder is the one who benefits from the interest that is accumulating on the deposit, regardless of the account being active or inactive.

Re: Desperation or wot?

joz*garage — Tue, 26 Feb 2013 05:54:40 GMT

man, never heard of this before..a mighty strange policy.

might be fair enough if they stole from the dead who had no beneficiaries

*does a few little deposits and withdrawals on old accounts....before may lol*

Re: Desperation or wot?

the_hawk* — Tue, 26 Feb 2013 05:55:53 GMT

I see it as nothing less than a desperate penny pinching exercise by a even more desperate government, a true indication of just how bad things really are and the desperation starting to show

Re: Desperation or wot?

the_hawk* — Tue, 26 Feb 2013 05:57:51 GMT

man, never heard of this before..a mighty strange policy.

might be fair enough if they stole from the dead who had no beneficiaries

*does a few little deposits and withdrawals on old accounts....before may lol*

Joe its something that has always been there, but up till now its only affected accounts that have had no user initiated transactions for more than 7 years

Re: Desperation or wot?

joz*garage — Tue, 26 Feb 2013 06:02:11 GMT

I was completely unaware of the 7 year policy too hawk

i mean its theft imo

cheers for the thread poddy.

Re: Desperation or wot?

kengillard — Tue, 26 Feb 2013 06:41:01 GMT

bloody hell

Re: Desperation or wot?

the_hawk* — Tue, 26 Feb 2013 06:55:24 GMT

Well yes it is theft as they are robbing the rightful account holder of their interest.

and just got of the phone sorting out 2 accounts I had been locked out off as I had not done an actual transaction for 3 years even thou I had logged in every year or more to get tax info and current balances X-( X-(

Re: Desperation or wot?

happyroo_bunji — Tue, 26 Feb 2013 07:04:33 GMT

If you are that worried about an account, just deposit $1 into it, and that will reactivate it.

Whats the big deal?

Re: Desperation or wot?

the_hawk* — Tue, 26 Feb 2013 07:07:37 GMT

If you are that worried about an account, just deposit $1 into it, and that will reactivate it.

Whats the big deal?

The big deal is wasting a half hour on the ph because the account has been locked.

and if you are unfortunate enough to have the funds seized it is a hell of a job and a stack of paper work and months to try and get it back and in the mean time you get no interest.

Re: Desperation or wot?

kengillard — Tue, 26 Feb 2013 07:22:02 GMT

Big Brother???????????

Re: Desperation or wot?

poddster — Tue, 26 Feb 2013 07:28:11 GMT

If you are that worried about an account, just deposit $1 into it, and that will reactivate it.

Whats the big deal?

The 'big deal' is that it is an underhanded move of desperation to grab funds from their rightful owners who may not be aware of the lunge for their funds.

It is a willful and deliberate act of theft against account holders who are not aware that their nest egg has to be turned at least once every 3 years.

This current grab is victimizing those who are not tuned in to current events.

I wonder how many accounts will be ripped off that belong to elderly people who have provided for their funeral and are not aware of the three year limitation on inactivity.

This is the way that the current government looks after "battlers"?

Re: Desperation or wot?

kengillard — Tue, 26 Feb 2013 08:00:29 GMT

well poddy....we were thinking of starting a 'funeral account" and letting it accumulate....

devious buggas.