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Oz Bank cash grab #2982560
04/24/13 04:10 AM
04/24/13 04:10 AM
Joined: Dec 2002
Posts: 42,525
'Stralia
Shannow Online content OP
Shannow  Online Content OP

Joined: Dec 2002
Posts: 42,525
'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.

Re: Oz Bank cash grab [Re: Shannow] #2982583
04/24/13 05:13 AM
04/24/13 05:13 AM
Joined: Jan 2003
Posts: 3,203
Southeastern, PA
Rick in PA Offline
Rick in PA  Offline

Joined: Jan 2003
Posts: 3,203
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."
Re: Oz Bank cash grab [Re: Shannow] #2982585
04/24/13 05:20 AM
04/24/13 05:20 AM
Joined: Dec 2002
Posts: 42,525
'Stralia
Shannow Online content OP
Shannow  Online Content OP

Joined: Dec 2002
Posts: 42,525
'Stralia
Only 9 times ?

Your Grandfather was a supreme optimist.

Re: Oz Bank cash grab [Re: Shannow] #2982638
04/24/13 07:06 AM
04/24/13 07:06 AM
Joined: Mar 2010
Posts: 5,411
Iowa
The_Eric Offline
The_Eric  Offline

Joined: Mar 2010
Posts: 5,411
Iowa
Every Aussie should gut their accounts. See how the government and banks like that...


2005 Lincoln Aviator 4.6 DOHC
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Re: Oz Bank cash grab [Re: Shannow] #2982648
04/24/13 07:17 AM
04/24/13 07:17 AM
Joined: Dec 2002
Posts: 42,625
New Jersey
JHZR2 Offline
Global Moderator
JHZR2  Offline
Global Moderator

Joined: Dec 2002
Posts: 42,625
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.

Re: Oz Bank cash grab [Re: Shannow] #2982652
04/24/13 07:21 AM
04/24/13 07:21 AM
Joined: Jun 2009
Posts: 1,509
gulf coast FL.U.S.
FL_Rob Offline
FL_Rob  Offline

Joined: Jun 2009
Posts: 1,509
gulf coast FL.U.S.
What kind of communist jackwagon non-sense is this?

Re: Oz Bank cash grab [Re: Shannow] #2982694
04/24/13 08:02 AM
04/24/13 08:02 AM
Joined: Oct 2011
Posts: 6,170
North Coast
Doog Offline
Doog  Offline

Joined: Oct 2011
Posts: 6,170
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
Re: Oz Bank cash grab [Re: Doog] #2982702
04/24/13 08:08 AM
04/24/13 08:08 AM
Joined: Jan 2004
Posts: 2,717
Richmond, VA
Barkleymut Offline
Barkleymut  Offline

Joined: Jan 2004
Posts: 2,717
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
Re: Oz Bank cash grab [Re: Shannow] #2982958
04/24/13 12:43 PM
04/24/13 12:43 PM
Joined: Feb 2003
Posts: 4,555
Arkansas
Win Online content
Win  Online Content

Joined: Feb 2003
Posts: 4,555
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 0/30
09 Solstice 2.4 I4 Fram 5/30
08 G8 3.6 V6 ST Syn 5/30
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99 S-10 2.2 I4 RECOVERED
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Re: Oz Bank cash grab [Re: JHZR2] #2983367
04/24/13 06:45 PM
04/24/13 06:45 PM
Joined: Dec 2002
Posts: 42,525
'Stralia
Shannow Online content OP
Shannow  Online Content OP

Joined: Dec 2002
Posts: 42,525
'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.

Re: Oz Bank cash grab [Re: Shannow] #2983425
04/24/13 07:49 PM
04/24/13 07:49 PM
Joined: Dec 2002
Posts: 42,625
New Jersey
JHZR2 Offline
Global Moderator
JHZR2  Offline
Global Moderator

Joined: Dec 2002
Posts: 42,625
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.

Re: Oz Bank cash grab [Re: Shannow] #2983438
04/24/13 07:59 PM
04/24/13 07:59 PM
Joined: Jan 2003
Posts: 3,203
Southeastern, PA
Rick in PA Offline
Rick in PA  Offline

Joined: Jan 2003
Posts: 3,203
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."
Re: Oz Bank cash grab [Re: Shannow] #2983480
04/24/13 08:28 PM
04/24/13 08:28 PM
Joined: Jun 2003
Posts: 34,073
ME
eljefino Offline
eljefino  Offline

Joined: Jun 2003
Posts: 34,073
ME
They're already doing it robbing defined benefit pensions.

Re: Oz Bank cash grab [Re: JHZR2] #2984533
04/25/13 05:40 PM
04/25/13 05:40 PM
Joined: Feb 2003
Posts: 4,555
Arkansas
Win Online content
Win  Online Content

Joined: Feb 2003
Posts: 4,555
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?


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Re: Oz Bank cash grab [Re: JHZR2] #2984618
04/25/13 07:02 PM
04/25/13 07:02 PM
Joined: Oct 2010
Posts: 9,529
Virginia Beach
Astro14 Offline
Astro14  Offline

Joined: Oct 2010
Posts: 9,529
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...


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