Our Federal Government has just passed legislation that gives them the power to take your money from your bank account if you have not used it for 3 years.
Yes, you did read this correctly.
From the 31st of May this year, the Federal Government will have the power to transfer your bank balance to their coffers.
The definition of "using" a bank account involves either withdrawing or depositing.
Note: Interest payments are not considered to be deposits and fees are not considered withdrawals under this legislation.
What to do NOW?
1. Check all of your bank accounts and make sure you have transacted over the last 3 years. If you haven't used your account during this time, make a withdrawal or deposit. Otherwise you will lose it.
2. If you cannot remember where a long lost account may reside, use this ASIC tool to conduct a search https://www.moneysmart.gov.au/tools-and-resources/find-unclaimed-money
If, for some reason, your money is taken by the Government under this law, you will be able to apply to ASIC to have it returned. However, this in not likely to be a quick process.
Someone commented on this post that I was presenting this as a "conspiracy by the government to defraud its citizens of their hard earned cash...::
There has been legislation in place for many many years under which financial institutions are required to remit "unclaimed money" to ASIC. The rules for this are stipulated within the terms and conditions for your account. The latest legislation merely reduced the timeframe from seven years to three, otherwise the rules haven't changed. The rule is intended to protect money in people's accounts from being slowly eroded with fees and charges applied by financial institutions.
Regardless of the reasons I am passing this information on the basis that if there is nothing to hide why does the government not promote the change widely and educate the public on how to protect their money.
Also if this is "intended to protect money in people's accounts from being slowly eroded with fees and charges applied by financial institutions."
I hope this message saves your money.
Please pass this on to everyone you know in case they are not aware of this.