Inactive bank accounts to be seized in AustraliaSubmitted by Bob-45 on Wed, 02/27/2013 - 08:03
Tue, 26 Feb 2013 11:58 CST
Household's face losing up to $109 million from their family savings as the Federal government moves to seize cash from inactive bank accounts.
After legislation was rushed through parliament, the government will from May 31 be able to transfer all money from accounts that have not been used for three years into their own revenues.
This will mean that accounts with anything from $1 upwards that have not had any deposit or withdrawals in the past three years will be transferred to the Australian Securities and Investment Commission.