Australia Seizes 360M From Dormant Bank Account (inactive for 3 years)

[zeroday]

The federal government has bagged an unprecedented $360 million from household bank accounts since a controversial change to unclaimed money laws, figures from the Australian Securities and Investments Commission show.

Pensioners and others saving for a rainy day have reported trying to access their savings only to discover their money had been seized by the government because it had been dormant for three years or more.

The government has collected more money from inactive bank accounts under the three-year rule than the total amount captured in the past five decades combined.

Source: http://www.smh.com.au/federal-politics/political-news/pensioners-lose-savings-in-government-cash-grab-20140609-39t7p.html

Do you have a bank account that you don't actively use or a safe deposit box that you have not checked on for a while?  If so, you might want to see if the government has grabbed your money.  This sounds absolutely crazy, but it is true.  All over the world, governments are shortening the time periods required before they can seize "dormant bank accounts" and "unclaimed property".

Source: http://www.sovereignman.com/trends/introducing-the-newest-tactic-for-governments-to-raise-cash-14566/


BTW, the same started to happen in the US and other countries.

Georgia’s Disposition of Unclaimed Properties Act sets the threshold as low as one year.

Source: http://www.shtfplan.com/headline-news/georgia-to-seize-dormant-bank-accounts-government-is-going-to-grab-it_06122014


P.S. Still happy with your savings account ?

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[Bharat]

may be this leads aussies to invest on bitcoin more

[zeroday]

This is the global trend. Soon we will see many governments doing so to patch holes in their budgets.

[Ibian]

Is there any way to get your property back?

[culexevilman]

Oh shit...

[Ibian]

What's disturbing is that people are not calling it what it is: Theft.

"It would make more sense to contact the owner and ask if they are still happy with having their money there..."
"Small accounts under $2 in an inoperative account should be written off."
"Many amounts also belong to accounts where the same account holder has other active accounts with that institution, which then should obviously not be treated as unclaimed."

And many more comments like that. They legitimize the seizures. It's theft. Kwetching about the precise manner of the crime does nothing but allow them to continue on.

[validium]

Well this is just f**ked up   And what if the owner contacts them does he/she get their money back?
Cause to me this is just stealing...
And three years is such a short time

[Unluckyduck]

Is there any way to get your property back?

Yes people who have had their money seized can file a claim for its immediate return. However I doubt everyone will and they will get to keep most of it probably.

[Gianluca95]

they are only thief autorized. I hope that people of Australia will rise up against the bank and the state.

[Light]

Yes people who have had their money seized can file a claim for its immediate return. However I doubt everyone will and they will get to keep most of it probably.

Depends on how much they've lost and when they figure it out. The government isn't really stealing, it's just trying to avoid leaving amounts in banks for extended periods of time where bank fees can erode the account without anyone actually making use of it. I don't doubt the government has made some money out of it but I doubt the intention is simply for theft. If they wanted more they could just raise taxes (which coincidentally they are in fact doing).

[MrMushroom]

Just to clear up for Australian's anyway.
https://www.moneysmart.gov.au/tools-and-resources/find-unclaimed-money/unclaimed-money-search

They have also started paying interest on the amount "Seized" until you claim it since last year.
Btw there talking about "inactive bank accounts" meaning NO transactions have taken place for 3 YEARS.

[Jamie_Boulder]

may be this leads aussies to invest on bitcoin more

Unlikely but then again a very valid plus side to Bitcoins over AUD.

The AUS government have been doing this for over a decade though and they're becoming pretty good at it...

[Ibian]

Success rate on getting your money back? How many hoops?

And it's still theft. Taking something without the owners permission is literally what theft means.

[Este Nuno]

Is this a trap to try to catch people who have non-clean money? Get them when they come looking for it?

[DaveF]

State governments in the USA have been doing this just about forever.
They even have websites where you can go and get your money back.
http://www.osc.state.ny.us/ouf/index.htm
https://www.fltreasurehunt.org/
http://www.window.state.tx.us/up/

and so on. The federal government does it to:

http://www.usa.gov/Citizen/Topics/Government-Unclaimed-Money.shtml

It's not a big deal. At least here you have to have no transactions for 3 years and then the bank sends you a letter saying that if you don't respond in about 180 days the money will be passed to the state. All you have to do is sign the letter and mail it back and the 3 year clock starts again. Last I heard which was ~10 years ago less then 20% of the accounts get "reactivated".

-Dave

[zeroday]

State governments in the USA have been doing this just about forever.

I heard people have difficulties claiming their money back in Australia. Probably it involves huge expenses on legal process and attorneys.

Also, I see that many states have decreased the age of "dormant" accounts, like state of Georgia, to just a single year. They are really hungry for our money and do all possible to grab it by any mean.

[ShakyhandsBTCer]

State governments in the USA have been doing this just about forever.

I heard people have difficulties claiming their money back in Australia. Probably it involves huge expenses on legal process and attorneys.

Also, I see that many states have decreased the age of "dormant" accounts, like state of Georgia, to just a single year. They are really hungry for our money and do all possible to grab it by any mean.

People should still be able to get their money back from the government after the state takes it for being dormant.