watching the news - the government passed legislation a while ago apparently. If you have money in accounts and you dont access for three years they can take it! I logged into some old ing accounts that have a few hundered in them. Sure enough - frozen! Even though I had loggen in only two years ago I had not deposited or withdrawn. THE THEIVING XXXX"S!
Had to get the bank to reinstate and move 1 cent around so that they cant take money. once reactiviated I will transfer all money out. How rediculous.
I read about this the other day and I was a bit cynical, but there does appear to be an upside. Supposedly people are for this idea as otherwise these accounts get eaten up by fees. After three years it gets locked, and the banks can't get the fees, but you can still retrieve the account.
There are going to be delays getting it, and you can almost guarantee that people will lose accounts and not be able to find them.
A good government would hold these accounts in trust until the person passes away, but I suspect that they will just eat up the funds. 'Woo hoo, free money!'
The cynical part of me worries. The government have the ability to track us via our tax file numbers, and our licenses, but in cases like this, they don't seem to try too hard. The positive side of me things that things are getting better. In the case of Superannuation, the government seems to have a pretty good way to claim lost accounts.
Try and get a tax debt and avoid paying it.... good luck, they will track you down. Have unclaimed Super or bank accounts, they may not find you.
