Good news! Your money is now safe from government hands for longer… 83



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Tony Abbott has given us all some good news after announcing that he will reverse the 2013 Labor government’s three year policy for inactive bank accounts.

Currently, any inactive bank account in Australia will have the funds handed over to the Australian Securities and Investment Commission (ASIC) after just three years. This is a policy introduced by the Labor government when they shortened the inactive period from seven years to just three.

This meant that up to $550 million of Australian funds were being taken by the government and anyone who tried to claim that money back had a very tough time doing it. Three years isn’t a long time, especially if you have accounts sitting accruing interest that you’re using for savings purposes.

According to Channel Nine News, Nationals MP Andrew Broad cited the case of a farmer who had $120,000 in a bank account seized because it was untouched. “This put huge pressure on him because he was going to use that to put a crop in,” he told reporters in Canberra.

Hundreds of older Australians also had difficulty as they held investment and savings accounts they weren’t touching as their nest egg – then they had to fight to get that all back.

Yesterday while speaking to the media, Tony Abbott announced that he would reverse the three year policy and bring it back up to seven years, meaning that people have longer to find and transfer funds from their inactive accounts.

This is a welcome change and means that the government will forgo a little cash, but it will make our lives easier.


Tell us today – have you had an account seized before? Are you happy that bank accounts with now be able to be held for seven years without a transaction?

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  1. Has anyone come out of there caves and congratulated the Libs on giving back money to the rightful owners of their bank accounts. What gave Swan the right to take someones money. If I or you did this it would be fraud.

    9 REPLY
    • You never lost the money. This was done to stop people losing their money with bank fees. It remained intact and could be claimed.

    • go check it is online and easy to find.. yes Lesley is right..pat yourself on the back for nothing

    • took me 8 months to get mine back no interest .took ALL MONEY so the bank would not take a bit of it money should be between me and the bank ..

    • I know! Warren Strong. Go onto the ASIC website, or Money Smart (used to be called that) and just think it did take you time to get your money back but you hadn’t lost money in bank fees.

    • However opposition assistant treasury spokesman Andrew Leigh called on Mr Abbott to explain why the change is in the community interest.
      “Hundreds of thousands of Australians have money in old bank accounts and lost superannuation. We put these rules in place to stop the value of those accounts being eroded over time by fees,” Dr Leigh said.
      “By reverting to the old rules, the government is saying unclaimed monies should be held secretly by banks for long periods being eaten away by fees and charges.Account holders could have claimed their money at anytime. sheesh look it up on the net

    • Graham Condely.. I am calling BS on the 8 months..I just looked it up and 15 months ago I claimed $11,000 in from a lost super account, according to my records, it took 2 weeks to receive that money, it was from a job I worked at years ago and had forgotten about

    • oh and you can look it up online to see if you have any lost super, if anyone is interested and claim online it is simple process provided you have your tax file number and all personal details ready

    • THAT IS SUPER HAS NOT BEEN TAKEN bank accounts are in govt revenue with tax money and other govt money .you are so thick super is not bank accounts

  2. If you have money sitting in an account untouched for years, it would be good to get it back, but I wonder how many people actually forgot accounts and lost money?

  3. Well, I have to say well done to the government on this one – but governments should be keeping their hands off people’s bank accounts anyway. They should not be able to just help themselves to untouched funds without first making an effort to contact the account holder and advising them of their intention, and giving the account holder time to respond.

  4. How many poor people would have lost money? none I suspect

    3 REPLY
    • Worked in the bank for 8 years, you would be surprised who loses money, inactive accounts belong to all sorts of people and Labour had NO RIGHT to change to 3 years. Hell how many people just put a little aside for a rainy day and leave it there thinking it will be ok. So Libbi before you make a sarcastic remark, think and check your facts.

    • its crock of crap Diane..people could claim their money at any time,the ALP did this to stop the banks from eroding the account by charging fee’s..perhaps you had better check your facts !!!!!

    • thanks Leanna. am glad I never went to the bank you worked in Diane..your not very knowledgeable 🙂

  5. The government should not touch anyone bank account it’s disgusting abbot iis now leaving it for seven years big deal what is he up to

  6. Every time I read anything about Abbott the words no longer make sense. All I hear is Pink Floyd singing The Wall and its just another brick in the veberbial wall

    4 REPLY

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