government set to take "lost" bank accounts

F

Fykus

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http://www.abc.net.au/news/2013-02-...rs-government-set-to-take-their-money/4541116

Legislation amended late last year means any account that has not seen activity within three years can be transferred into the Commonwealth's hands - previously the rule was seven years.
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how desperate does the government need to be to start stealing the savings of everyday australians? well apparently they are that desperate. any bank account thats hasnt had a transaction (excluding earning interest or fees being deducted) will be sent to the government for "safe keeping" until it gets reclaimed.... no doubt after a lengthy process with asic.

How long before they amend the law again to make it 1 year like they did with the lost super accounts?

bloody ridiculous
 
Just dodged this bullet!

An ING Direct account I hadn't used for ages but have had for maybe 12 years - it was still the listed bank account for my eBay account, and in September I sold an item on eBay, with the buyer paying by direct deposit.

Log in - can see, but can't withdraw the money.

Rang ING and they told me it had been inactive for 2 years so they were required "by federal law" to close the account - luckily it had a zero balance, but my eBay sales proceeds were now stuck in the frozen account. ING were great about re-activating the account - apparently it generates significant call volumes from people finding out their accounts have been closed and balances transferred to the government.

General conversation comments from the staff member about the number of upset people they have to deal with because the bank has had to hand over account balances to the government, and the call centre staff cop the brunt of the backlash.
 
Did they say when it had been deactivated?

Just wondering how soon they started doing this from when they announced the 'law'.
 
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