The hell?! Magons, quick, explain this! by BYTEMITE

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The hell?! Magons, quick, explain this!

POSTED BY: BYTEMITE
UPDATED: Saturday, June 14, 2014 08:26
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VIEWED: 1856
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Thursday, June 12, 2014 11:37 AM

http://moneysaverhq.heraldsun.com.au/news/government-grabs-360-million
-from-idle-household-bank-accounts/story-fnkrnsiy-1226950657835

What the... I mean...

I thought the Australia government was silly and hands off and spent most of its time drunk. What is this even? My initial reaction is this feels worse than any financial scandal that has ever happened in the US combined.

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Thursday, June 12, 2014 12:33 PM

AGENTROUKA

Whoa.

I can't imagine that this will stand.

The article sorta says this law is supposed to target "lost" bank accounts? And that there should be effort to track down the owners? How lost can a three-year-old bank account be? How hard could it be to track down the owners and inform them of impending seizure?

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Thursday, June 12, 2014 12:37 PM

THGRRI

It will probably be overturned when they see who was affected. One can only hope.

By the by, they see 360 million over there as big money. Our government spends that with their morning coffee.

If were are going to send our jobs overseas why not there. They have shown themselves to be our friends for a long time now. They obviously need the money that comes with it.

si shen

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Thursday, June 12, 2014 12:54 PM

BYTEMITE

Quote:
Originally posted by AgentRouka:
Whoa.

I can't imagine that this will stand.

The article sorta says this law is supposed to target "lost" bank accounts? And that there should be effort to track down the owners? How lost can a three-year-old bank account be? How hard could it be to track down the owners and inform them of impending seizure?

It's crazy, my mind boggled that any nation on earth would allow this to be a law. I don't care how socially progressive it might sound to put that unused money back into the system, that's life savings you're talking about and taking that money is most likely to hurt the not so rich people who NEED to save and who would leave a bank account untouched for years. The legal liability and the complications are innumerable.

And they've been doing this since 1950? Holy cow.

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Thursday, June 12, 2014 7:18 PM

MAGONSDAUGHTER

Hmmm, the Herald Sun is not the most reliable newspaper. The government has always had the capacity to collect dormant bank accounts, its just that the time frame has been reduced. Not a good move. But its not really a newsflash story either.

The facts of this are -

lots of bank accounts are excempt ie term deposits, trusts, linked accounts.
the bank contacts you first
the money can be redeemed

This is not just happening in Australia, similar legislation exists all over the world.

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Thursday, June 12, 2014 8:12 PM

THGRRI

Quote:
Originally posted by Magonsdaughter:
Hmmm, the Herald Sun is not the most reliable newspaper. The government has always had the capacity to collect dormant bank accounts, its just that the time frame has been reduced. Not a good move. But its not really a newsflash story either.

The facts of this are -

lots of bank accounts are excempt ie term deposits, trusts, linked accounts.
the bank contacts you first
the money can be redeemed

This is not just happening in Australia, similar legislation exists all over the world.

I never heard of something like this. It is quite the eye opener.

si shen

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Thursday, June 12, 2014 8:20 PM

MAGONSDAUGHTER

http://www.unclaimedfinances.co.uk/facts-dormant-bank-accounts-governm
ent-act.html
http://people.opposingviews.com/rules-inactive-dormant-bank-accounts-6
363.html
http://budgeting.thenest.com/happens-dormant-bank-accounts-25987.html

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Thursday, June 12, 2014 9:55 PM

AURAPTOR

America loves a winner!

So, a person who left a chunk of change in an Auzzie bank, back in the day, and just let it accrue w/ interest over the years, couldn't travel in time and then collect a windfall of future money ?

That stinks!

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Thursday, June 12, 2014 10:42 PM

MAGONSDAUGHTER

yep, you can, you just need a time machine.

It's Aussie, btw. Not that I care dont like that diminutive anyway

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Thursday, June 12, 2014 11:11 PM

AURAPTOR

America loves a winner!

Quote:
Originally posted by Magonsdaughter:
yep, you can, you just need a time machine.

It's Aussie, btw. Not that I care dont like that diminutive anyway

Aussie it is then.

Now, where'd i leave that blue box ?

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Friday, June 13, 2014 9:26 AM

SECOND

The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two

Quote:
Originally posted by BYTEMITE:

What the... I mean... My initial reaction is this feels worse than any financial scandal that has ever happened in the US combined.

In Australia it's merely $360 million. In Texas it's $3,000 million. Which number is larger? Expand your outrage. www.window.state.tx.us/up/

The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at www.mediafire.com/folder/1uwh75oa407q8/Firefly

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Friday, June 13, 2014 10:09 AM

BYTEMITE

That appears to be abandoned land, which I would assume the moment someone reclaimed it they'd have to pay back taxes on it. The $3000 million is the estimated worth of all the property.

Which I would agree is a problem, but still rather different than government taking directly from a bank account.

I know this does happen in other nations because the government and banks are corrupt and both regulate their currency value and all the money in banks is shuffled around anyway. I've never heard of that being standard operating procedure codified into law.

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Friday, June 13, 2014 10:49 AM

SECOND

The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two

Quote:
Originally posted by BYTEMITE:
but still rather different than government taking directly from a bank account.

It is Texas bank accounts, too.

Quote:
One in four Texans has unclaimed property from forgotten bank accounts, uncashed checks, security deposits and utility refunds. www.window.state.tx.us/up/

In olden days, Texas bankers would forever keep the unclaimed funds for themselves. That didn't seem fair at the time.

The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at www.mediafire.com/folder/1uwh75oa407q8/Firefly

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Friday, June 13, 2014 4:10 PM

BYTEMITE

Huh. Maybe I misread it then.

Seriously though, these are some weird laws. If someone's money is in a bank account, maybe don't touch it, since they or their descendants might want it back at some point. That makes sense to me. The banks or the government taking that money at any time makes no sense at all - it's not THEIRS.

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Friday, June 13, 2014 6:56 PM

MAGONSDAUGHTER

Quote:
Originally posted by BYTEMITE:

I know this does happen in other nations because the government and banks are corrupt and both regulate their currency value and all the money in banks is shuffled around anyway. I've never heard of that being standard operating procedure codified into law.

You are joking right? You think our banks and governments are corrupt but yours aren't? GFC, baby girl.

Sorry Byte, this is law- or similar - in the US as well.

As I said, it's not as dramatic as it sounds. The idea being that that there are accounts that are just lost to people, they've died, moved or immigrated and forgetten about account. The bank will contact at last known address, but if you don't get back in contact it can be passed over for government revenue. If you turn up and want your money, you can get it back.

Now the only issue I have with all of this is that 3 years is too short a period. 15-20 I have no problems with.

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Saturday, June 14, 2014 1:23 AM

BYTEMITE

Quote:
You are joking right? You think our banks and governments are corrupt but yours aren't?

That's actually not at all what I said. I was saying all governments and banks are corrupt. "I know this happens in other nations" (in addition to Australia), plus context about my political beliefs should have made that pretty clear.

Taking from bank accounts would seem to be easier if you don't tell people you're doing it. So I was shocked by the illogical nature of there being a law about this.

I like how you misunderstood my post completely and called me a child. Nice, Magons. I suppose I shouldn't have asked you about this. Ask a sincere honest question, try to let people know about something going on, and get a ration of abuse because all we ever do around here is go on the attack immediately. Typical fireflyfans.

Also, I kinda suspect that abbreviation you posted, "GFC" means "Get a fucking clue," so, excellent, you reminded me what an utter pit this place is.

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Saturday, June 14, 2014 4:16 AM

MAGONSDAUGHTER

Missed your hissy fits, Byte. Good to have you back.

GFC>>>>> Get a Fucking Clue. Love it.

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Saturday, June 14, 2014 8:26 AM

AURAPTOR

America loves a winner!

Quote:
Originally posted by G:
Quote:
Originally posted by AURaptor:
Now, where'd i leave that blue box ?

Don't you remember? You failed your psyche eval so they took your tardis away.

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