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Australian government grabs $360m from idle household bank accounts...

THE federal government has seized a record $360 million from household bank accounts that have been dormant for just three years, prompting outrage in some quarters amid complaints that pensioners and retirees have lost deposits.

Figures from the Australian Security and Investments Commission (ASIC) show almost $360 million was collected from 80,000 inactive accounts in the year to May under new rules introduced by Labor. The new rules lowered the threshold at which the government is allowed to snatch funds from accounts that remain idle from seven years to three years.

The rule change has delivered the government a massive bonanza with the money collected in the year to May more than the total collected in the past five decades combined. Between 1959 and 2012, the total collected was $330 million.
http://www.news.com.au/finance/business/government-grabs-360...



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All States in the Union do this too...

All 50 states do this. If bank accounts are idle for 3-7 years they confiscate it and hold it in their 'Unclaimed Property' accounts. California tries to notify people, but some states don't even do that. California will even empty idle safety deposit boxes. They will sell any jewelry, stocks, coins, etc. at auctions, and then hold the 'cash' in unclaimed property accounts.

Now, the State of Georgia is lowering the time to one year!

"All over the world, governments are shortening the time periods required before they can seize “dormant bank accounts” and “unclaimed property”...

http://www.thelibertybeacon.com/tag/idle-bank-accounts/

Check with your State's Controller unclaimed property division. When I did, I found that my son has 3 shares of Disney stock some relative must've bought him when he was born that they have confiscated. They are worth $82 bucks each, so we're getting them back. Just fill out a simple form.

When a true genius appears in the world, you may know him by this sign: that the dunces are all in confederacy against him. ~J. Swift

Yea, so movies do speak the truth

Skip to 2:00 for the point otherwise enjoy one of the most classic movies scenes of all time.


http://youtu.be/U_eZmEiyTo0