Recent Topics
2009 Taurus strut mount noise
by terry274
06/24/18 04:38 PM
A3/B3 vs A3/B4, big difference or irrelevant?
by FordCapriDriver
06/24/18 03:36 PM
2003 Honda power steering problem
by hogpops
06/24/18 03:29 PM
Public Service Announcement: Flush Your HW Heater
by gathermewool
06/24/18 03:25 PM
Fellow 2AZ-FE toyota owners: what oil are you usin
by car51
06/24/18 03:21 PM
Castrol 0W40 vs 5W40??
by Realfine69
06/24/18 03:02 PM
Paint impurities on a new car
by Quattro Pete
06/24/18 02:49 PM
2014 Ram wheel FIT on a 2005 Ram?
by SumpChump
06/24/18 02:41 PM
Do people buy from telemarketers?
by Chris142
06/24/18 02:06 PM
TGMO 0W20, 8100km/5mo, 2013 Lexus GS350AWD 118K KM
by David_Corbett
06/24/18 01:54 PM
Sonoma Raceway
by Warstud
06/24/18 01:51 PM
Zipcode error
by aquariuscsm
06/24/18 01:36 PM
NHRA drag racing Racing question??
by daddi
06/24/18 01:33 PM
Milesyn 5w30 5 gal pails $50.94 w/prime
by Samrsnow
06/24/18 01:20 PM
Removing Broken Bathtub Drain
by Warstud
06/24/18 01:15 PM
Buffer Pads
by TheLawnRanger
06/24/18 01:10 PM
Recommend an oil to me... Pennz, M1, Castrol...?
by chinee
06/24/18 12:39 PM
Filter for Hydro Gear ZT2800 - Toyota???
by Lancruza
06/24/18 12:39 PM
Motul 5W30, 3000KM/12 mo, 06 Acura RSX-S 161K KM
by lemaitrix
06/24/18 12:38 PM
DeWalt dcf887b 3spd impact driver
by JC1
06/24/18 12:34 PM
Newest Members
crrider, EdDmax, 2018matto, Lancruza, IanSampson
65312 Registered Users
Who's Online
79 registered (2K2AcuraTL, 55hambone, aquariuscsm, Bandito440, ArrestMeRedZ, 93cruiser, 3 invisible), 1542 Guests and 44 Spiders online.
Key: Admin, Global Mod, Mod
Forum Stats
65312 Members
67 Forums
285927 Topics
4771570 Posts

Max Online: 3590 @ 01/24/17 08:07 PM
Donate to BITOG
Page 1 of 3 1 2 3 >
Topic Options
#2982560 - 04/24/13 04:10 AM Oz Bank cash grab
Shannow Offline


Registered: 12/12/02
Posts: 39927
Loc: 'Stralia
http://www.news.com.au/money/banking/cas...r-1226585867131

Previously, a bank account had to be stagnant for 7 years, and the Govt would go after it...other week they changed it to 3 years.

News tonight was that the first bank that they went through looking for change that had fallen down the back of the lounge netted over 10 times their estimates...and ASIC (Australian Securities and Investment Commission) have revised their estimate on the proceeds of their first shake down to over $600M.

It's all OK 'though, as if you can identify that your account has been emptied, you can apply to get it back.

On top of recent changes defining what is a "reasonable" retirement saving, and can be taxed heavily anything after.

Top
#2982583 - 04/24/13 05:13 AM Re: Oz Bank cash grab [Re: Shannow]
Rick in PA Offline


Registered: 01/04/03
Posts: 3203
Loc: Southeastern, PA
So they want the money, they just want it quicker... mad

Years ago, my brother deposited ~$100 in the bank to start an account for his grandson, to teach him a lesson about thrift. They went back a year later to see how the money grew. When they asked about the amount in the account, they were told it was less than $100??? Due to inactivity, the bank had to "sweep" the account. The interest, minus the sweeping fee, came to less then $100. Grandson, there's your lesson.

My grandfather had a saying "You'll get robbed nine time with a pencil for every time you get robbed with a gun."
_________________________
A wise man told me:
"Heat is your friend." and "Any oil is better than no oil."

Top
#2982585 - 04/24/13 05:20 AM Re: Oz Bank cash grab [Re: Shannow]
Shannow Offline


Registered: 12/12/02
Posts: 39927
Loc: 'Stralia
Only 9 times ?

Your Grandfather was a supreme optimist.

Top
#2982638 - 04/24/13 07:06 AM Re: Oz Bank cash grab [Re: Shannow]
The_Eric Offline


Registered: 03/31/10
Posts: 5354
Loc: Iowa
Every Aussie should gut their accounts. See how the government and banks like that...
_________________________
2005 Lincoln Aviator 4.6 DOHC
2000 Honda Accord 2.3
2001 Hyundai Elantra 2.0
1979 Ford F-150 351M

Top
#2982648 - 04/24/13 07:17 AM Re: Oz Bank cash grab [Re: Shannow]
JHZR2 Offline



Registered: 12/14/02
Posts: 41804
Loc: New Jersey
Originally Posted By: Shannow


On top of recent changes defining what is a "reasonable" retirement saving, and can be taxed heavily anything after.


The first part is not a big deal to me. Forget about an account for three years and do nothing in it? Seems silly.

But defining a reasonable retirement is just bad. I get why theyre doing it, but its just bad.

Top
#2982652 - 04/24/13 07:21 AM Re: Oz Bank cash grab [Re: Shannow]
FL_Rob Offline


Registered: 06/03/09
Posts: 1509
Loc: gulf coast FL.U.S.
What kind of communist jackwagon non-sense is this?

Top
#2982694 - 04/24/13 08:02 AM Re: Oz Bank cash grab [Re: Shannow]
Doog Offline


Registered: 10/24/11
Posts: 6170
Loc: North Coast
Originally Posted By: Shannow

On top of recent changes defining what is a "reasonable" retirement saving, and can be taxed heavily anything after.


That is coming to America soon.
_________________________
The difference between a beer and your opinion is that I asked for a beer... well except for just now..Coffee2

Top
#2982702 - 04/24/13 08:08 AM Re: Oz Bank cash grab [Re: Doog]
Barkleymut Offline


Registered: 01/27/04
Posts: 2704
Loc: Richmond, VA
Originally Posted By: Doog
Originally Posted By: Shannow

On top of recent changes defining what is a "reasonable" retirement saving, and can be taxed heavily anything after.


That is coming to America soon.


Not if we keep the 2nd Amendment.
_________________________
09 Vue(95K) 2.4 4spd AT -PU 5w30 / 09 Flex(52K)3.5L PU / Moms car 04 Pilot(105K) 5w20 PP + Puro

Top
#2982958 - 04/24/13 12:43 PM Re: Oz Bank cash grab [Re: Shannow]
Win Offline


Registered: 02/05/03
Posts: 4448
Loc: Arkansas
There seems to be no limit on the government's appetite for money.

We keep hearing of the virtue of printing money. Seems like it would be easier to print it than to steal it.

Or maybe printing money is not what it's cracked up to be.
_________________________
09 Torrent 3.6 V6 M1 0/40
09 Solstice 2.4 I4 Fram 5/30
08 G8 3.6 V6 Fram 5/30
04 Xj8 4.2 V8 Hav 5/40
99 S-10 2.2 I4 RECOVERED
94 Xj12 6.0 V12

Top
#2983367 - 04/24/13 06:45 PM Re: Oz Bank cash grab [Re: JHZR2]
Shannow Offline


Registered: 12/12/02
Posts: 39927
Loc: 'Stralia
Originally Posted By: JHZR2
Originally Posted By: Shannow


On top of recent changes defining what is a "reasonable" retirement saving, and can be taxed heavily anything after.


The first part is not a big deal to me. Forget about an account for three years and do nothing in it? Seems silly.

But defining a reasonable retirement is just bad. I get why theyre doing it, but its just bad.


First part is a big deal to me, as it's not theirs. Superannuation accounts that are "lost", they try to find the owners, not just claim it...yet.

As to the latter, Self funded retirement is something that the Baby Boomers are foisting on those that came after...and it's a rapidly growing pool of money, exceeding Oz' GDP, and only growing...makes it pretty hard for everyone to "win" 6-7% and outstrip inflation when it will end up two funds betting on a fly crawling up a wall.

Top
#2983425 - 04/24/13 07:49 PM Re: Oz Bank cash grab [Re: Shannow]
JHZR2 Offline



Registered: 12/14/02
Posts: 41804
Loc: New Jersey
Originally Posted By: Shannow
Originally Posted By: JHZR2
Originally Posted By: Shannow


On top of recent changes defining what is a "reasonable" retirement saving, and can be taxed heavily anything after.


The first part is not a big deal to me. Forget about an account for three years and do nothing in it? Seems silly.

But defining a reasonable retirement is just bad. I get why theyre doing it, but its just bad.


First part is a big deal to me, as it's not theirs. Superannuation accounts that are "lost", they try to find the owners, not just claim it...yet.

As to the latter, Self funded retirement is something that the Baby Boomers are foisting on those that came after...and it's a rapidly growing pool of money, exceeding Oz' GDP, and only growing...makes it pretty hard for everyone to "win" 6-7% and outstrip inflation when it will end up two funds betting on a fly crawling up a wall.


What good excuse exactly is there to allow a bank account to sit with no action or activity for three or seven years exactly?

Sure, it seems wrong, but it also just seems plain stupid to have idle money sitting with no adjustments for that long.

I do have an issue with a LOT of wrongs that the baby boomers are putting onto me.

Top
#2983438 - 04/24/13 07:59 PM Re: Oz Bank cash grab [Re: Shannow]
Rick in PA Offline


Registered: 01/04/03
Posts: 3203
Loc: Southeastern, PA
Stinkers like to dip their sticky little fingers into retirement funds. That story is as old as retirement funds themselves. Just another example, although "redefining reasonable" seems to be a new twist.
_________________________
A wise man told me:
"Heat is your friend." and "Any oil is better than no oil."

Top
#2983480 - 04/24/13 08:28 PM Re: Oz Bank cash grab [Re: Shannow]
eljefino Online   content


Registered: 06/15/03
Posts: 32668
Loc: ME
They're already doing it robbing defined benefit pensions.

Top
#2984533 - 04/25/13 05:40 PM Re: Oz Bank cash grab [Re: JHZR2]
Win Offline


Registered: 02/05/03
Posts: 4448
Loc: Arkansas
Originally Posted By: JHZR2
...

What good excuse exactly is there to allow a bank account to sit with no action or activity for three or seven years exactly?

Sure, it seems wrong, but it also just seems plain stupid to have idle money sitting with no adjustments for that long. ....


Irrelevant.

What business is it of the governments if I put my money in an account and leave it for three years? It's my money, I've already paid taxes on it, they've got their cut of the action. If that's my plan for it, that's my business, regardless of whether or not it looks stupid to them, or they think they have a better plan. My money, my plan.

I thought that was the whole point of a bank account - to be able to legally park money for an indeterminate time and it still be there when you want it. Escheat ( the legal term for unclaimed property passing to the state ) may have some validity in some limited circumstances, but not like as described in the subject article. That's just wrong.

What's next? Raid everybody's safety deposit boxes looking for cash if the owner hasn't visited in a long time?
_________________________
09 Torrent 3.6 V6 M1 0/40
09 Solstice 2.4 I4 Fram 5/30
08 G8 3.6 V6 Fram 5/30
04 Xj8 4.2 V8 Hav 5/40
99 S-10 2.2 I4 RECOVERED
94 Xj12 6.0 V12

Top
#2984618 - 04/25/13 07:02 PM Re: Oz Bank cash grab [Re: JHZR2]
Astro14 Offline


Registered: 10/10/10
Posts: 8544
Loc: Virginia Beach
Originally Posted By: JHZR2


What good excuse exactly is there to allow a bank account to sit with no action or activity for three or seven years exactly?

Sure, it seems wrong, but it also just seems plain stupid to have idle money sitting with no adjustments for that long.

I do have an issue with a LOT of wrongs that the baby boomers are putting onto me.


I don't need an excuse or a reason...it's my $$...and the purpose of a bank is to provide a safe place for me to keep it. I might have personal reasons that I want an account that sits dormant. It might just be a contingency....it might be for future use...whatever the reason, that's my personal business. Just because you don't have the same needs, perspective or circumstances that I do, doesn't mean that I lose the right to keep my $$ in that bank. I shouldn't have to justify why I want to keep my money in a bank and not touch it.

And the idea that the Gov't can decide to come take it, as was "floated" in Cyprus - OUTRAGEOUS. It's personal property. That's no different than the government coming into my house and deciding to take my other personal property...and we decided to go to war over that issue about 240 years ago...
_________________________
32 Packard 15W40
02 Volvo V70 T5 0W40 M1
02 Volvo V70 XC 0W40 Edge
05 MB S600 0W40 M1
16 Tundra 1794 5W30 Valvoline

Top
Page 1 of 3 1 2 3 >