Aussie government to claim bank accounts inactive for 3 years

[MoetEtPantsOn]

I feel like this should be an April fools joke. Can you believe it? AU govt will seize bank accounts that have been inactive for 3 years or more. You can get it back but will be a long process apparently. The legislation was passed with very little fanfare as far as I have heard.

My 5 year old's savings account would definitely have gone. best intentions and all that

I wonder if I should post this in chat for Aussie expats living in the UK?

Daylight Robbery

Our bank wrote to us informing us of this policy. All you had to do was to make a deposit into the inactive account by a certain date.

Our bank didn't write to us. I have just made a deposit. Think the deadline is end May. Hope so because she has a few thousand in there.

I do think 3 years is a pretty short amount of time when it comes to savings. Especially the past 3 years when times have been tighter and people perhaps not saving so much.

I think I'm just chatting to myself but in case anyone find this post at a later stage the deadline was 2 march.

Some of the banks as being nice and holding the money a bit longer, apparently!

Not happy Jan! That's so bloody unfair, considering how strong the Oz economy is doing, greedy politicians!!!!

Thanks for the tip off MoetEtPants on, had no idea. Goes off to tell DH and let him sort it out. [hmmm]

Feck! We have quite a substantial sum in an Oz a/c that just sits there!

Thanks for the Heads Up!