Desperation or wot?

[poddster]

http://www.news.com.au/money/banking/cash-grab-inactive-bank-accounts-to-be-seized/story-e6frfmcr-12...

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_hawk*]

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

[the_hawk*]

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

[joz*garage]

I was completely unaware of the 7 year policy too hawk

i mean its theft imo

cheers for the thread poddy.

[kengillard]

bloody hell

[the_hawk*]

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-(

[happyroo_bunji]

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

Whats the big deal?

[the_hawk*]

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.  

[kengillard]

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

[poddster]

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"?

[kengillard]

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

devious buggas.