Posted on 06/12/2014 2:03:18 PM PDT by wtd
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.
The rule change has delivered the government a massive bonanza with the money collected in the year to May more than the total collected in the past five decades combined. Between 1959 and 2012, the total collected was $330 million. While the purpose of the laws is actually to reunite people with lost accounts before funds are eroded by fees and other charges, the lower threshold has been criticised as a budget cash-grab which affected accounts that were neither lost or forgotten.
(Excerpt) Read more at moneysaverhq.heraldsun.com.au ...
Wow. This is the kind of thing that’ll get you a bullet between the eyes.
That happened to one of my savings accounts , they feeed it to death ,in less than 3 years
Just damn.
Well, they weren’t using it so the government decided it knew better hos to spend it.
Anyone think they won’t take your 401k or bank account when the time comes? Anything happening overseas will happen here.
American version:
“I see you’re a SAVER and don’t make withdrawals from your savings account for frivolous purchases. YOU are responsible for DESTROYING the 0bama ECONOMY and must be stopped!”
Yep. So they government will take the money from you and give it to someone who will spend it.
Pretty much. That’s why it’s important to hide as much as you can.
“Me, Mr. Bank Officer? I ain’t hardly got a pot to p*ss in!”
*SMIRK*
What are you doing with all that damn money sitting in that savings account? We need it for our socialist agenda! Hand it over, peon!
Someone does that to me...and I’m going to take action against those that robbed me.
Just as taking your 401K and Nationalizing Oil Companies has been totally SPOKE on RECORD by those "representing" us.
I lived in Australia a few years. They’re several years behind us in technology, and several years ahead of us in social(ist) engineering.
That’s amazing, three years passes by in no time and we think of our savings as ‘money in the bank’.
Sometimes we hit hard times and just want to pretend to forget about the savings account, and live without it until we can recover, and all the while we think of it as our last ditch little nest egg, hidden from the travails and struggles of our temporary down period.
Sometimes we just don’t have any activity to do in regards to it, for a few years.
“Render unto Caesar...”
Eanie Meanie Miney Moe...
If he hollers make him pay...
I thought they just elected a conservative govt. Well, maybe the PM is pro-business, anti-AGW, but with this gun confiscation law and now pilfering “dormant” savings accounts, that’s wholly unacceptable - I could never live in such a place... however, I don’t trust our Congress not to go the same direction. Pitchfork time!
Aussies plan ahead, though. That's why they banned guns first.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.