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[Australian] Government grabs $360 million from idle household bank accounts
Herald sun ^ | June 10, 2014

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 ...


TOPICS: Miscellaneous
KEYWORDS: grandtheft

1 posted on 06/12/2014 2:03:18 PM PDT by wtd
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To: wtd
"I see you have some money there. Give it to me."
2 posted on 06/12/2014 2:04:20 PM PDT by E. Pluribus Unum ("The more numerous the laws, the more corrupt the government." --Tacitus)
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To: wtd

Wow. This is the kind of thing that’ll get you a bullet between the eyes.


3 posted on 06/12/2014 2:06:16 PM PDT by TheZMan (Buy more ammo.)
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To: wtd

That happened to one of my savings accounts , they feeed it to death ,in less than 3 years


4 posted on 06/12/2014 2:07:21 PM PDT by molson209 (Blank)
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To: wtd

Just damn.


5 posted on 06/12/2014 2:08:08 PM PDT by Jet Jaguar (Resist in place.)
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To: wtd

Well, they weren’t using it so the government decided it knew better hos to spend it.


6 posted on 06/12/2014 2:12:32 PM PDT by Blood of Tyrants (Haven't you lost enough freedoms? Support an end to the WOD now.)
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To: wtd

Anyone think they won’t take your 401k or bank account when the time comes? Anything happening overseas will happen here.


7 posted on 06/12/2014 2:12:36 PM PDT by Vince Ferrer
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To: wtd

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!”


8 posted on 06/12/2014 2:12:51 PM PDT by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
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To: Diana in Wisconsin

Yep. So they government will take the money from you and give it to someone who will spend it.


9 posted on 06/12/2014 2:16:16 PM PDT by Blood of Tyrants (Haven't you lost enough freedoms? Support an end to the WOD now.)
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To: Blood of Tyrants

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*


10 posted on 06/12/2014 2:18:11 PM PDT by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
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To: Diana in Wisconsin

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!


11 posted on 06/12/2014 2:19:34 PM PDT by AngelesCrestHighway
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To: wtd

Someone does that to me...and I’m going to take action against those that robbed me.


12 posted on 06/12/2014 2:20:21 PM PDT by Osage Orange (I have strong feelings about gun control. If there's a gun around, I want to be controlling it.)
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To: Diana in Wisconsin
It's been spoken of.....

Just as taking your 401K and Nationalizing Oil Companies has been totally SPOKE on RECORD by those "representing" us.

13 posted on 06/12/2014 2:23:36 PM PDT by Osage Orange (I have strong feelings about gun control. If there's a gun around, I want to be controlling it.)
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To: wtd

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.


14 posted on 06/12/2014 2:27:08 PM PDT by Rennes Templar (If Obama hated America and wanted to destroy her, what would he do differently?)
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To: wtd

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.


15 posted on 06/12/2014 2:28:02 PM PDT by ansel12 ((Ted Cruz and Mike Lee-both of whom sit on the Senate Judiciary Comm as Ginsberg's importance fades)
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To: wtd

“Render unto Caesar...”


16 posted on 06/12/2014 2:29:03 PM PDT by Mr. Jeeves ([CTRL-GALT-DELETE])
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To: wtd

Eanie Meanie Miney Moe...

If he hollers make him pay...


17 posted on 06/12/2014 2:39:53 PM PDT by ImJustAnotherOkie (zerogottago)
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To: Rennes Templar

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!


18 posted on 06/12/2014 2:47:01 PM PDT by Sioux-san
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To: wtd
THE federal government has seized a record $360 million from household bank accounts that have been dormant for just three years

The state of California does this now. I checked on one of my accounts a few years back to find that it was in a preliminary state for seizure. In order to get it out of this state, all I had to do was execute a simple transaction. I think I transferred a dollar.
19 posted on 06/12/2014 2:58:52 PM PDT by fr_freak
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To: TheZMan
This is the kind of thing that’ll get you a bullet between the eyes.

Aussies plan ahead, though. That's why they banned guns first.

20 posted on 06/12/2014 3:03:48 PM PDT by Paine in the Neck (Socialism consumes EVERYTHING)
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To: Paine in the Neck

That’s also why Nero wants to ban gun ownership here. They don’t have the will to cut spending so they will disarm us and then steal our assets.

Spreading the wealth don’t cha know


21 posted on 06/12/2014 3:31:24 PM PDT by VRWCarea51
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To: Osage Orange

Someone does that to me...and I’m going to take action against those that robbed me.

(((
Good luck with that if it’s the federal government that takes it.


22 posted on 06/12/2014 3:31:47 PM PDT by Bigg Red (31 May 2014: Obamugabe officially declares the USA a vanquished subject of the Global Caliphate.)
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To: wtd

That’s okay. See, just fill out this twenty page form and you’ll receive your money - maybe - in seven or eight years, or so.


23 posted on 06/12/2014 3:34:34 PM PDT by SkyDancer (If you don't read the newspapers you are uninformed. If you do read newspapers you are misinformed)
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To: wtd

California does this. They steal from safety deposit boxes.


24 posted on 06/12/2014 3:51:47 PM PDT by minnesota_bound
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To: minnesota_bound

California Seizing Property from Safety Deposit Boxes
http://archive.mises.org/16433/california-seizing-property-from-safety-deposit-boxes/


25 posted on 06/12/2014 3:55:24 PM PDT by minnesota_bound
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To: Vince Ferrer

I thought of you when I read this article earlier. You’re spot on. We live in the Age of Distrust.


26 posted on 06/12/2014 4:32:56 PM PDT by 1010RD (First, Do No Harm)
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