Government Set To Take Over Your Bank Accounts

Government Set To Take Over Your Bank Accounts as hundreds of millions of dollars in inactive bank deposits are likely to flow to the Federal Government from May.

This is just another example of the depth of dishonesty that this lying thieving Labor Government will sink to, just to get their grubby F%%%ing hands on money.  They don’t care about you the working class or you the business owner they are going to take any money that has been sitting in YOUR bank account for 3 years untouched,  because in their opinion you are not using so they are going to take it. THATS RIGHT TAKE IT..!!

They are RUSHING through legislation for this to happen and regardless of what party you support this is NOT RIGHT. It is down right dishonest and it must not be allowed


generic picture of bank notes

PHOTO: The Commonwealth will take control of accounts that have been dormant for at least three years.

Legislation amended late last year means any account that has not seen activity within three years can be transferred into the Commonwealth’s hands – previously the rule was seven years.

The money will be able to be reclaimed from the Government through the Australian Securities and Investments Commission (ASIC).

The new law comes into effect at the end of May and banks are advising customers to make transactions as small as a dollar to ensure they are not transferred to ASIC.

Australian Bankers Association chief executive Steven Munchenburg says many accounts will be affected.

  • “If you’ve put some money away to save for the future and you’re not adding any more deposits to that, and if you’ve got trust accounts where money is being held for some reason in the future, if you’ve got bond money for example where you’re a landlord and the tenant’s bond money is sitting in an account for more than three years, any of those sorts of those accounts, and the banks are obliged to move the money to the Government,” he said.

The banking industry believes the Government’s changes to inactive bank accounts legislation is just revenue raising.

(“They are going to steal your money” Goosin)

  • Mr Munchenburg says the legislation was rushed through at the end of last year.
  • A lot of suspicion at the time that the Government is rushing this through because they were more concerned about their own financial bottom line than they were about reuniting consumers with their accounts.
  • It was never clear to us why it had to be rushed through if it was only focused on reuniting consumers with accounts.
  • Mr Munchenburg says three years seems an arbitrary time limit as the Government failed to consult the industry on the change.

“I don’t know why three years has been chosen over seven,” he said.

“Certainly, if the Government believed that seven years was too long, we would have expected them to talk to us about what is an appropriate timeline or how to deal with accounts where people have deliberately left them alone, and then we’d avoid some of the problems that we are concerned will affect customers.”

Government Set To Take Over Your Bank Accounts  

By finance reporter Elysse Morgan


Leave a Reply