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.

[not_an_eloi]

seven years for inactive accounts been that way for flamin' years.
ug, why haven't the liberals been makin' a racket about the previous seven year cut-off point.     seven years AOK, but three years isn't, total beat up by the BIG BANK, BIG L liberals
perhaps they're worried that they may have to pay to put on more staff to handle shorter time frame

lol.

bankin' mob are whinin' about the government didn't consult 'them, they refuse to consult the other way, when it suits 'em, about passin' on interest rates, and other matters.

btw, this is not under-handed (although the libblot would 'ave you believe that), it's been a talkin' point since at least the beginnin' of last year, the act voted on in december, passed by BOTH houses.

there's been a tv campaign, runnin' for months, advisin' folk to claim any unclaimed money that they may be entitled to, as a reminder for 'em.

uh, just put a few dorrors in, take a few dorrors out, transfer some moolah, shake it all about.   Dead easy.

[poddster]

You seem to be missing the point Oile, this is about account holders being ripped, not banks.

Perhaps you may be of the same opinion as Swannie that it is ok to rip off a person who is unaware.

[the_hawk*]

uh, just put a few dorrors in, take a few dorrors out, transfer some moolah, shake it all about.   Dead easy.

It maybe for those that only have a couple of accounts to keep an eye on. X-(

Gilly if you attach an automatic savings plan to the account that will keep it active.

[the_hawk*]

You seem to be missing the point Oile, this is about account holders being ripped, not banks.

Perhaps you may be of the same opinion as Swannie that it is ok to rip off a person who is unaware.

I have to agree with you on this one.

I only heard about it because of the carry on about it on a caravan forum, I tried to google and couldn't find any info about the 7 years being changed to 3 years of inactivity so there certanly hasn't been any public information put out by the powers to rip people off.

[amalan11]

I cannot figure out,if they take your money do they pay the interest you would have been paid with a bank ?

The way the  economy is going I would not trust they could pay it back all spent on asylum seekers or something

.I can see a lot of elderly people getting in trouble with this as they will find emergency money needed for a house repair or something is not avalable

[not_an_eloi]

you cannot trust the slimy (expletives).

surely, folk can't be dumm enough to think the libnats. will change this

[joz*garage]

whose idea was it in the first place a labour or a lib? - oughtta be shot whomever

[josie_q]

This isn't new.  Inactive accounts have always had their balance transferred to govt coffers.  It is a protection to ensure accounts cannot be fraudulently drained.  Most of them were of very small amounts.  A few dollars forgotten.  Some are much larger amounts, but not many.

Yes, it was previously 7 years.  If you have an account, surely it isn't too much effort to just activate it once every three years.  And much easier now with internet banking.  Previously, you had to actually go into a branch to deposit money.

Your money isn't  gone completely.  No, you will not receive interest on the funds once it has been transferred, but getting it back is fairly easy once you prove you have  the rightful ownership of it.  Banks have a record of the accounts that are transferred.  Should you suddenly realise you had an account, if you go to the bank concerned the details are readily available. 

Yes, I worked for a bank for many years and this has been happening for decades without any great hue and cry over it.  The only change appears to be the timeframe. 

[id-to-post-anything]

We received a letter in the post about it

I assumed everyone with an account that was about to become subject to this change of law, would also have.. Only saw an article on line after we had fixed it

[poddster]

........I have to agree with you on this one.

OMG !!!

I wonder if it could become a habit?B-):-D