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Post Info TOPIC: Bank Accounts Not used for three years
jules47


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Bank Accounts Not used for three years
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Just had this sent to me - by a very reputable sources,he at first thought it was a scam, but checked it out - and it is genuine!!!!!!  Beware!

 

 

"Our Federal Government has just passed legislation that gives them the power to take your money from your bank account if you have not used it for 3 years.

From the 31st of May this year, the Federal Government will have the power to transfer your bank balance to their coffers.

The definition of "using" a bank account involves either withdrawing or depositing.Note: Interest payments are not considered to be deposits and fees are not considered withdrawals under this legislation.

What to do NOW?

1. Check all of your bank accounts and make sure you have transacted over the last 3 years. If you haven't used your account during this time, make a withdrawal or deposit. Otherwise you will lose it.
2. If you cannot remember where a long lost account may reside, use this ASIC tool to conduct a search https://www.moneysmart.gov.au/tools-and-resources/find-unclaimed-money

If, for some reason, your money is taken by the Government under this law, you will be able to apply to ASIC to have it returned. However, this is not likely to be a quick process.

Should you have any questions at all please dont hesitate to contact me.

Kind regards,

Jon Rancie CFP Adv.Dip.FS (Financial Planning)

Rancie McLean Financial Planning
Client Services Manager
Level 4 / 420 Collins Street
Melbourne VIC 3000
Ph No: 03 9671 4990
Fax No: 03 9671 4910
Jon@ranciemclean.com.au
www.ranciemclean.com.au"



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jules
"Love is good for the human being!!"
(Ben, aged 10)
Weedy Pigeon


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Too bad if you develop Alzheimers or are incapacitated in some way and have no recollection of your financial affairs. Seems like were becoming a population that supports 3 levels of government rather than them acting for us.

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Duh


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Thanks for the heads up Jules, worth checking out, especially kids accounts, old insurance policies etc....

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Gerty Dancer


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Mum had something like that over 20 year ago... she had a savings account which she hadn't used for some years and the bank warned her she had to "do" something with it. She was outraged at the time, took her money to a different bank but obviously that wouldn't have made any difference.

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ibbo


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Gerty Dancer wrote:

Mum had something like that over 20 year ago... she had a savings account which she hadn't used for some years and the bank warned her she had to "do" something with it. She was outraged at the time, took her money to a different bank but obviously that wouldn't have made any difference.

 The next thing will be the wearing of Red Stars on our clothing.



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bill12


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Put it under your bed or bury it out in the back yard, with all the guns, and other prohibited items. Just remember where you buried it...........Bill

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Happywanderer


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This is true, was on the news couple of weeks ago. I remember thinking at the time. Thank goodness I don't have any accounts full of money that I haven't touched in a very long time. lol

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Big Gorilla


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Well there is a big black hole in the Budget !!! Another revenue earner, rip off the Bank account holders. Guess we are lucky we don't live in Cyprus !!



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chris & terry


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Does this mean that if I do not activate/ use my overdraft or loan accounts for three years the govt. will take them over. Ummm; something to think about.

terry

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GaryKelly


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Don't take any notice of Bill12. If you have any spare cash lying around, stick it under MY bed.

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Duh


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GaryKelly wrote:

Don't take any notice of Bill12. If you have any spare cash lying around, stick it under MY bed.

 Wouldn't that make your slide on bed a bit lumpy ? wink biggrin



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Gerty Dancer


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Who has "lumps" of cash Vic?? ;-D

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herbie


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We all got notices in our pay invoices last Feb regarding this grab from the Goverment....I am wondering if for some reason someone forgets about a certain bank account and has to go and apply to ASTIC for the money ..Do they take a fee.Do they give you interest on the money ,or do they know the red tape would put anyone off even thinking about retrieving it back.Probably need a solicitor in the end to help you out.

Some wills can take years to sort out,so would the persons money involved in the will be treated as untouched ?

All this adds up to is another grab from where ever they can get a dollar from.

How weak is the banks to allow this to happen ?



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Duh


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Gerty Dancer wrote:

Who has "lumps" of cash Vic?? ;-D

 Depends on whether it is all five cents pieces Gerty, lol ! wink biggrin



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Patto44


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This has been the case since the year dot, except it used to be 7 years (???). If not used / activated it goes into consolidated revenue as 'unclaimed money'. It can still be recovered years later if you can show evidence it is your money. Applies to bank accounts, insurance policies, inheritances, etc.

Check the govt web site for unclaimed money -- your name could be there and a fortune awaiting you!!!!!!

I wish...

Cheers,

Patto



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jules47


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Called in to a bank today, just to ask the question re investment accounts, that you just leave sit there earning interest - and yes, it can happen to them too!! The lady said, you can get it back, but as usual with any government agency, you have to go through a lot of red tape.

The secret is to activate it at least once a year - she said the bank actually do that with some accounts -they transfer 1cent out and back in!!!!!!!

The government ain't gonna get any money off me!!!!!!!

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"Love is good for the human being!!"
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jules47


The Happy Helper

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chris & terry wrote:

Does this mean that if I do not activate/ use my overdraft or loan accounts for three years the govt. will take them over. Ummm; something to think about.

terry

Chris and terry - best to check with your bank, but probably is the case. Funny thing, when I saw your names up there, I thought what a coincicence - the people who sent me the article are also named Chris and Terry (Chris is the male, Terry the female)!!!



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jules
"Love is good for the human being!!"
(Ben, aged 10)
johnq


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grill n chill wrote:

 

It was reported on A.B.C. radio a year ago that in Australia there are more $100.00 notes in circulation than $20s. I am relying of that report as being true and have not investigated it BUT if it is true where the heck are they?[snip]

 

$100s and $50s  Drugs caches, buried in plumber's pipe probably.  Drugs are big business and all cash.

 



-- Edited by johnq on Friday 3rd of May 2013 01:37:34 AM

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grill n chill


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It was reported on A.B.C. radio a year ago that in Australia there are more $100.00 notes in circulation than $20s. I am relying of that report as being true and have not investigated it BUT if it is true where the heck are they? Some near the apple tree at Bills but where are the rest? Seems to me forget the $2.50 the Gov is holding but keep looking over the fence when the guy next door decides to do some weeding at might night!

smile



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bill12


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Don,t come digging in my back yard as I have trained drop bears who attack terrorists, woops , tourists. Also, I have a shotgun. Both bite. The only bump in my bed is the girlfriend...........Bill

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Beth54


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No problem for me either Marj. I wish I did have a few idle bank accounts sitting around with money in them. hmm 

Bill, still trying to chase off those terrorists/tourists I see. wink



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bill12


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Naw, still chasing women. They always cost me money. Just joking. Bill

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herbie


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bill12 wrote:

Don,t come digging in my back yard as I have trained drop bears who attack terrorists, woops , tourists. Also, I have a shotgun. Both bite. The only bump in my bed is the girlfriend...........Bill

 Had to laugh when reading your post here, as was on another forum( x army squad) and some one said they use shot guns to shoot ducks so why not use them to shoot terrorists  oooops tourists. Same thoughts just different animial.



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jules47


The Happy Helper

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Talking of $100 notes - was in a town a while back, and noticed quite a few of them going over the counter - thought to myself, hope they are all genuine!!!!!

I can't remember what one looks like!!

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jules
"Love is good for the human being!!"
(Ben, aged 10)
Wild1


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Hmm.. wonder what would happen if it was overdrawn - bet they wouldn't touch it!

W1



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