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.
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.
Duh said
02:28 PM May 2, 2013
Thanks for the heads up Jules, worth checking out, especially kids accounts, old insurance policies etc....
Gerty Dancer said
03:11 PM May 2, 2013
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.
ibbo said
03:40 PM May 2, 2013
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.
bill12 said
04:10 PM May 2, 2013
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
Happywanderer said
04:46 PM May 2, 2013
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
Big Gorilla said
04:59 PM May 2, 2013
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 !!
chris & terry said
05:02 PM May 2, 2013
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
GaryKelly said
05:48 PM May 2, 2013
Don't take any notice of Bill12. If you have any spare cash lying around, stick it under MY bed.
Duh said
07:47 PM May 2, 2013
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 ?
Gerty Dancer said
09:34 PM May 2, 2013
Who has "lumps" of cash Vic?? ;-D
herbie said
09:52 PM May 2, 2013
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 ?
Duh said
10:28 PM May 2, 2013
Gerty Dancer wrote:
Who has "lumps" of cash Vic?? ;-D
Depends on whether it is all five cents pieces Gerty, lol !
Patto44 said
10:39 PM May 2, 2013
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
jules47 said
10:45 PM May 2, 2013
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!!!!!!!
jules47 said
10:47 PM May 2, 2013
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)!!!
johnq said
01:36 AM May 3, 2013
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
grill n chill said
02:38 AM May 3, 2013
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!
bill12 said
03:21 AM May 3, 2013
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
Beth54 said
03:27 AM May 3, 2013
No problem for me either Marj. I wish I did have a few idle bank accounts sitting around with money in them.
Bill, still trying to chase off those terrorists/tourists I see.
bill12 said
03:46 AM May 3, 2013
Naw, still chasing women. They always cost me money. Just joking. Bill
herbie said
04:26 AM May 3, 2013
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.
jules47 said
03:48 PM May 3, 2013
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!!
Wild1 said
02:57 PM May 4, 2013
Hmm.. wonder what would happen if it was overdrawn - bet they wouldn't touch it!
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"
The next thing will be the wearing of Red Stars on our clothing.
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 !!
terry
Wouldn't that make your slide on bed a bit lumpy ?
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 ?
Depends on whether it is all five cents pieces Gerty, lol !
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
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!!!!!!!
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)!!!
-- Edited by johnq on Friday 3rd of May 2013 01:37:34 AM
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!
No problem for me either Marj. I wish I did have a few idle bank accounts sitting around with money in them.
Bill, still trying to chase off those terrorists/tourists I see.
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.
I can't remember what one looks like!!
Hmm.. wonder what would happen if it was overdrawn - bet they wouldn't touch it!
W1