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.

 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...

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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@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.

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

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

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

Party @ Az's