CASH GRAB: Inactive Australian bank accounts to be seized

HOUSEHOLDS face losing up to $109 million from their family savings as the Federal government moves to seize cash from inactive bank accounts.

After legislation was rushed through parliament, the government will from May 31 be able to transfer all money from accounts that have not been used for three years into their own revenues.

This will mean that accounts with anything from $1 upwards that have not had any deposit or withdrawals in the past three years will be transferred to the Australian Securities and Investment Commission.

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Anonymous

Posted: Feb 28 2013, 3:33 PM

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I left money in the banks in australia and went overseas for what turned out to be 5 yrs. when i got back the banks had changed their policy and just took my money. at least now id be able to get it back via the gov't. this is good legislation just too late for me

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