Government taking money from inactive bank accounts

Discussion in 'Current Affairs' started by RetardedMonkey, Feb 26, 2013.

  1. RetardedMonkey

    RetardedMonkey Active Member Silver Stacker

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  2. Yippe-Ki-Ya

    Yippe-Ki-Ya New Member

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    Just goes to show that government here in Lapland really thinks it owns everything and they'll decide how much you can keep and when you can keep it.

    Time for a revolution
     
  3. Chillidog

    Chillidog New Member Silver Stacker

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    Another reason not to use banks.
    Metals rule.
     
  4. Big A.D.

    Big A.D. Well-Known Member Silver Stacker

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    Or you could just fill in the ASIC form and get your money back with interest.
     
  5. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    If people vote a socialist party into power then they can't complain when they have their property stolen by the government.
     
  6. ozcopper

    ozcopper Administrator Staff Member

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  7. Naphthalene Man

    Naphthalene Man Active Member Silver Stacker

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    I'm feeling a sense of de ja vu Oz.
    I think that RetardedMonkey posted on this...
     
  8. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    Or why don't I get my company to pay my wages straight to ASIC and if I need to buy anything I can just fill out a form? :mad:

    As the article states, this wasn't done for our benefit. I wonder if they will send a letter to the account owner before they seize the money.

    Citibank seized my wife's savings because they might have been the products of money laundering, turns out they weren't, phew! Having your money suddenly dissapear from your account while you are on holiday is an unecessary stress that no one needs.
     
  9. Clawhammer

    Clawhammer Well-Known Member Silver Stacker

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    I just sprayed my keyboard when I read this. Theoretically, a branch can suspend your account and if they can drag out the appeals process long enough..steal whatever is in the account. :(
     
  10. Big A.D.

    Big A.D. Well-Known Member Silver Stacker

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    You're so wrong it isn't funny.

    If you haven't been arsed keeping in contact with your bank or using your account, they send the funds to ASIC.

    If you wake up one day and go "Oh shit, my money is so important that I left it in a bank account and then forgot about it for three years", you contact the bank, they'll say "We don't have it any more, ask ASIC".

    ASIC will ask you to fill in a form. You may have to provide some information to prove that the money is yours (yeah, how dare they not just hand over cash to random people, right?)

    You fill in the form.

    ASIC sends you the money. The end.

    Theft requires that you're permanently deprived of your property. If you can have it returned on demand, it isn't theft.

    Nobody is stealing your money. They're looking after it because you're obviously too lazy or too forgetful to look after it yourself.
     
  11. Dogmatix

    Dogmatix Active Member

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    Like a real Nanny State should!

    :rolleyes:
     
  12. willrocks

    willrocks Well-Known Member Silver Stacker

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    What happens to 5+ year term deposits? I know a few people that have a lot of money sitting in these.
     
  13. Eureka Moments

    Eureka Moments Well-Known Member Silver Stacker

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    Not an inactive account.
     
  14. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    Not everyone feels the need to stay in contact with the bank, it is nothing to do with laziness.

    If I put money in an account I expect it to be there if I need it in 3 weeks or 3 years. I don't expect them to give it to someone else for safe keeping, that's what banks are for.

    I have money in a UK account, I use it when I go over there on holiday, I go once every 4-5 years. I expect it to be there when I need it, not at a time that is convenient for the banks.

    At the best it will help to disable the fractional reserve system, banks won't be able to loan so much imaginary money if they don't have old accounts to back 10% of the loans.
     
  15. DanielM

    DanielM Active Member Silver Stacker

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    This is retarted, surely there must be some sort of attempt to contact prior to theft, I mean transfer of funds
     
  16. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    I am sure they must do.

    Citibank used to send us letters telling us we had to prove we were working in the UK and that we weren't money laundering by having an account in the UK.

    We would get a couple a year and one year we were away for 10 weeks, we came back and as we hadn't responded to the letter they shut the account down.

    We got the money back but not without a lot of effort and stress. We shut the account down immediately afterwards of course.
     
  17. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    Just another expensive layer of bureaucracy that is Pythonesque in its stupidity. We now pay even more people to take money away from is and then give it back. If we fill out form 2755A.
     
  18. Clawhammer

    Clawhammer Well-Known Member Silver Stacker

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    Couldn't be MORE wrong?
    Obviously Lazy or Forgetful?

    What about my parent's estate money that's being held in trust till the other partner dies?
    What about my Bond money which is held in a frozen account?
    What about my grandmother's life savings which are to be left alone while she is in a nursing home?

    That's pretty ignornant Big Fella!

    And why did the Govt rush this change through without Industry consultation.

    Have you ever dealt with ASIC?

    Have you been drinking your own bathwater?

     
  19. anonmiss

    anonmiss Active Member Silver Stacker

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    So if you plan ahead for an emergency and set aside some money in an account thats easy to get to in a time of crisis and has no restrictions or terms locking you in the governement will now reward you by taking that money, giving it to ASIC and making it hell to get to your cash. Do you really think that if the SHTF it will simply be a matter of filling out 'a form' to get your cash back form ASIC. Yeah I trust them to make the process simple. NOT! :eek:
     
  20. LovingtheSilver

    LovingtheSilver Active Member Silver Stacker

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    Totally agree with your post Clawhammer.
    I don't know what you have been drinking Big AD but I think CH was being polite when he said bathwater.
    Sure, you fill out some forms to get it back. But the point is you/we shouldn't have to do that. It is my money in an account, that is where I have placed it and that's where it shall stay. It not up to the Government to come and claim my 'inactive' funds for them to use at their discretion.. not before asking me my lending rates anyway.
    The old lady next door hasn't driven her car for years (maybe she forgot it was there or is too lazy to drive it), maybe I will get the keys, drive it around, look after it and park it in my driveway. It's not theft because I will give it back to her when she asks for her car back, after she has proven her identity and proof ownership.
     

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