THEFT by a failed Labor Policy

[nero_bolt]

This is simply theft of your money this policy that labor introduced  

Government grabs $360 million from idle household bank accounts 

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.

Pensioners and others saving for a rainy day have reported trying to access their savings only to discover their money had been seized by the government because it had been dormant for three years or more.

Australian Bankers Association chief executive Steven Munchenberg said the legislation was a ''rushed'' Labor budget-boosting exercise that angered customers whose accounts were not lost or forgotten.

Connie Franze, 68, and her disabled son, Vince, 45, are trying to reclaim their life savings of more than $12,000 that was taken by the government last June.

''I saved for 45 years … It was my carer's pension and his disability pension,'' said the Sydney retiree.

She opened the Commonwealth Bank account 45 years ago, squirrelling away a small portion of her $50-a-week earnings from growing plants. The pair were saving for a trip to Italy to visit her mother.

''She was 100 years old. I wanted to take money out. They wouldn't give me the money … [and then] my mother died this year. The last time I saw her was 20 years ago.''

Read more: http://www.smh.com.au/national/canberra-reaps-360m-from-inactive-bank-accounts-20140609-39t8p.html#i...

[i-need-a-martini]

Typical to take an innocuous story that is badly researched and poorly written and turn it into a "STOP! LABOR THEFT" story.

Quite frankly if anyone has a bank account that they have forgotten about or haven't accessed for a while, best that it sits with the government earning interest than sitting in the bank  whilst they fleece you with fees and costs.

[boris1gary]

 Owners are paid interest on lost money based on the percentage change in the Consumer Price Index, payable from July 1 last year. No tax has to be paid on the interest earned.

Read more: http://www.smh.com.au/federal-politics/political-news/pensioners-lose-savings-in-government-cash-gra...

[pct001wine]

So you would actually be better off if you left your account inactive for 3 years, then it would accrue non-taxable interest @ CPI rates ... then provide the usual proof of identity at a later date .... voila ! savings not eroded by bank fees.

[boris1gary]

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@pct001wine wrote:

@So you would actually be better off if you left your account inactive for 3 years, then it would accrue non-taxable interest @ CPI rates ... then provide the usual proof of identity at a later date .... voila ! savings not eroded by bank fees.

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yes, unless of course you wanted to run around accusing the previous Labor Government of theft. "theft"...lucky no one has said it about hockey, he would sue for hurting his feelings.

[gewens]

Hello, everyone. Remember to talk in a courteous way for the harmony of this forum. Thanks. 🙂

[azureline**]

I have found $350 that was sitting with that dept from 1971

[lurker172602]

So it hadn't been stolen then az? That's good 😉

[azureline**]

No, not stolen but had the bank had it, it would have been all swallowed up in fees

[freddie*rooster]

Party @ Az's

[cherry*135]