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#1 2013-05-21 14:32:04

Nugget
Silver Stacker
From: Brisbogan
Registered: 2009-08-15
Posts: 4,667
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"Unclaimed" money (in Bank)

Queensland pensioner emerged from heart surgery to find bank had emptied account and given it to Federal Government http://www.couriermail.com.au/news/quee … 6647919220


A QUEENSLAND pensioner emerged from a quintuple heart bypass only to find his bank had emptied his account, handing more than $22,000 to the Federal Government.

Legislative changes rushed through Parliament late last year mean money can now be identified as "unclaimed" after an account has been inactive for more than three years, instead of seven years.

Banks have already begun searching for inactive accounts that fit the new definition and transferring the cash to the Australian Securities and Investments Commission, as required. ASIC then passes the money to the Commonwealth of Australia Consolidated Revenue Fund.

The Australian Bankers' Association has accused the Government of putting its "own financial circumstances" ahead of customers' needs, leaving them facing "months of delays trying to reclaim their own money".

ASIC says the money can be claimed "at any time by the rightful owner", but banks have pointed out the process can take as long as six weeks.

Toowong resident Adrian Duffy is now looking at a lengthy battle to have his savings restored.

The 75-year-old spent 21 days in hospital following quintuple heart bypass surgery and a second operation in April.

When he and his wife, 57-year-old Mary-Jane, went to check their Suncorp account, they discovered their balance had plummeted from $22,616 to zero. A note on the May 1 entry read: "Closing WDL Govt unclaimed monies."

The couple had saved for 14 years in preparation for major health-related costs.

Suncorp claims a letter was sent at the end of March notifying the account - held in Mrs Duffy's name - had been inactive for more than three years and would be closed if no action was taken.

It says attempts were made to call the couple on April 16, followed by an "account closed" letter on April 30.

Mr and Mrs Duffy are adamant they received no warnings of the closure of the account.

"I called it stealing," Mr Duffy said.

"My understanding of the definition of stealing is to take something without somebody's knowledge and not tell them. As far as I'm concerned, that's exactly what happened - (the Government) took it without telling us."

The couple are working to recover the money, but say they were lucky to have other savings.

"If we didn't have the money elsewhere, we would now have to be paying for cardiologists, visits to surgeons, ECGs, x-rays, whatever is involved in the follow up," he said.

"We would have to find money to pay them, because those people aren't going to say to you, 'we'll wait six weeks'."

While many people believe they have until May 31 to act on their dormant accounts, banks in fact must finalise their lodgements by that date.

A Treasury spokesman said the reforms were designed to "help reunite Australians with their lost money sooner, and protect them from being eroded by fees, charges and inflation".

He said interest would be paid "at the rate of CPI inflation from 1 July 2013".

National Seniors Australia chief Michael O'Neill said the changes were more likely to hit older Queenslanders, adding

the NSA had received calls from people who were "quite disturbed" to discover the changes.

Tony Burke, acting chief executive of the Australian Bankers' Association, said he believed there was "no benefit for consumers from the changes".

State Member for Indooroopilly Scott Emerson said he was "really concerned about how easily the Federal Government is able to reach in and rip money from people's accounts".

"When this was brought to my attention I've realised how rushed this legislation has been and how badly this policy has been implemented and communicated," Mr Emerson said.

Westpac and Bank of Queensland said they had been contacting affected customers.

Last edited by Nugget (2013-05-21 14:32:23)


(Ooooh) And I want it bad..
Because you walk pretty,
Because you talk pretty,
'Cause you make me sick

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#2 2013-05-21 14:52:21

hiho
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From: South Brisbane
Registered: 2011-04-04
Posts: 8,100
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Re: "Unclaimed" money (in Bank)

Why is this acceptable to the zombi populace?  Not trendy enough for the Getup crowd or the social networking twats?

Last edited by hiho (2013-05-21 14:52:54)

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#3 2013-05-21 15:19:11

Golden ChipMunk
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From: Jupiter, Venus, Mars
Registered: 2012-12-12
Posts: 6,730
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Re: "Unclaimed" money (in Bank)

This is example of untrust worthty when they came in power. Finger pointed to the responsible.
Bl##dy daylight robbers that passed the bills. That shows how desperate they are.
Failurer that keeps spending our monies. That have no resposibilty at all.
Not to trust at all, given more of theirs policies that keep stealing
from us. All liars.


Original Perth CAPSULES - All Sizes Available
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#4 2013-05-21 16:17:01

iceblue
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From: South Gippsland Bullion
Registered: 2011-11-10
Posts: 2,960
Trades :   226 

Re: "Unclaimed" money (in Bank)

Wow was just talking about this practice with a client yesterday!!!
Just shows how broke this desperate government is, stealing money, no better than the troika.
Chippy said it " ALL LIARS " both sides.

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#5 2013-05-21 16:33:03

House
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From: Stack City
Registered: 2012-04-30
Posts: 9,635
Trades :   232 

Re: "Unclaimed" money (in Bank)

Between "unclaimed" bank deposits, shares and life insurance there's about $700m lying around that the Gov could instead be wasting. Plenty of cases like the above have happened but it'll definitely become more common with the shorter timeframe hmm


WBI- 41.16

"There's no point in paying a mortgage on an asset that is going to fall by 40 per cent or so in the next few years". Steve Keen, 2008.
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#6 2013-05-21 16:42:22

hiho
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From: South Brisbane
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Posts: 8,100
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Re: "Unclaimed" money (in Bank)

More reasons to convert it to PMs and hide it

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#7 2013-05-21 16:46:18

iceblue
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From: South Gippsland Bullion
Registered: 2011-11-10
Posts: 2,960
Trades :   226 

Re: "Unclaimed" money (in Bank)

Thing is the sheep are so stupid they still have the " wont happen to me attitude ". My wifes Uncle has about $15k in an account he hasnt touched in years, at xmas I said to him get it out before the Gov takes it, ' They cant do that he says' yes they can I reply. Then they all gang up on me saying Iam a conspiracy nut!!

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#8 2013-05-21 16:51:56

spannermonkey
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From: Vic or pissed
Registered: 2010-06-04
Posts: 14,648
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Re: "Unclaimed" money (in Bank)

I NEVER have any cash in my account , as soon as any $ hits my account
It's in my pocket with in hours wink
I can overdraw my account upto $50 with no charges ( sometimes )
So when I can I overdraw that $50 big_smile
Makes me feel better that I have an extra $50 in my pocket that really belong to the bank lol


EXIT STAGE LEFT

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#9 2013-05-21 17:38:00

bordsilver
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From: The rocks
Registered: 2012-05-23
Posts: 9,591
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Re: "Unclaimed" money (in Bank)

One of Swan's many tricks to try get that surplus he'd been promising for years.  Incompetent f*wit sad

Wayne Swan, August 2010: wrote:

Well, we're getting back into surplus in three years. Come hell or high water.

Wayne Swan, April 2011: wrote:

We see the surplus in 12-13 as being absolutely fundamental.

Wayne Swan, May 2011: wrote:

We'll be back in the black by 2012/13, as promised.

Wayne Swan, February 2012: wrote:

I am determined to produce a surplus in 2012-2013. We have got our colours nailed to the mast.

Wayne Swan, March 2012: wrote:

Despite the tough global conditions, we remain determined to return the budget to surplus in 2012/13, and we will get there.

Wayne Swan, 9th December 2012: wrote:

It's appropriate that we return to surplus.

Wayne Swan, 14th May 2013: wrote:

there will be a deficit of $19.4 billion in 2012-13


The only good tax is a repealed tax.

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#10 2013-05-21 18:19:43

Nugget
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From: Brisbogan
Registered: 2009-08-15
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Re: "Unclaimed" money (in Bank)

iceblue wrote:

Thing is the sheep are so stupid they still have the " wont happen to me attitude ". My wifes Uncle has about $15k in an account he hasnt touched in years, at xmas I said to him get it out before the Gov takes it, ' They cant do that he says' yes they can I reply. Then they all gang up on me saying Iam a conspiracy nut!!


Get a hard copy of this story and at the next family gathering whip it out and say "I'll accept that apology now"


(Ooooh) And I want it bad..
Because you walk pretty,
Because you talk pretty,
'Cause you make me sick

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#11 2013-05-21 18:53:31

Old Codger
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Registered: 2011-05-13
Posts: 5,128

Re: "Unclaimed" money (in Bank)

Sorry, but my BS Detector has gone off.

This bloke is crook,  and saving for some years to have an op.  He has just had major heart surgery.  Who paid for the first op? The taxpayer or the patient?

His bank account has not been touched for over 3 years,  and the warning letter "never arrives".

I do wonder at what interest rate the account is earning, almost certainly less that fixed deposit rates,  and that is unwise in itself if he needs the money for an operation.  I think they are telling us about half the story, which is about right for our media and their beat-ups.

JMO


OC


.


"The Australian Labor Party is a democratic socialist party and has the objective of the democratic socialisation of industry, production, distribution and exchange, to the extent necessary to eliminate exploitation and other anti-social features in these fields."   -  ALP Constitution.

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#12 2013-05-21 18:57:33

Clawhammer
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From: Gone Fishin'
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Posts: 9,504
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Re: "Unclaimed" money (in Bank)

OC it doesn't matter who paid for the operation....
it doesn't matter what his interest rate is....

the fact remains that the Govt stole his money!!!!


Specialisation is for insects

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#13 2013-05-21 19:21:05

Old Codger
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Registered: 2011-05-13
Posts: 5,128

Re: "Unclaimed" money (in Bank)

Clawhammer,

I hate to tell you this,  but if a Government passes a law and acts in accordance with that law,  they have NOT stolen anything!!

They have acted LAWFULLY!  (as did the bank)


OC

Last edited by Old Codger (2013-05-21 19:21:40)


"The Australian Labor Party is a democratic socialist party and has the objective of the democratic socialisation of industry, production, distribution and exchange, to the extent necessary to eliminate exploitation and other anti-social features in these fields."   -  ALP Constitution.

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#14 2013-05-21 19:32:55

House
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From: Stack City
Registered: 2012-04-30
Posts: 9,635
Trades :   232 

Re: "Unclaimed" money (in Bank)

Imagine the bank was smart enough to record the phone calls or spend a few dollars more to send the letters by Registered mail, would save everyone a lot of hassle in situations like this.


WBI- 41.16

"There's no point in paying a mortgage on an asset that is going to fall by 40 per cent or so in the next few years". Steve Keen, 2008.
Stacker FAQ'S. New threads welcome- http://forums.silverstackers.com/topic- … faq-s.html

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#15 2013-05-21 19:39:41

Old Codger
Silver Stacker
Registered: 2011-05-13
Posts: 5,128

Re: "Unclaimed" money (in Bank)

...and pass the cost on to the customers in fees or extra interest!


"The Australian Labor Party is a democratic socialist party and has the objective of the democratic socialisation of industry, production, distribution and exchange, to the extent necessary to eliminate exploitation and other anti-social features in these fields."   -  ALP Constitution.

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#16 2013-05-21 19:47:57

hiho
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From: South Brisbane
Registered: 2011-04-04
Posts: 8,100
Trades :   270 

Re: "Unclaimed" money (in Bank)

OC has revealed previously his profession wink

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#17 2013-05-21 19:49:03

Old Codger
Silver Stacker
Registered: 2011-05-13
Posts: 5,128

Re: "Unclaimed" money (in Bank)

EX 'profession'


!


"The Australian Labor Party is a democratic socialist party and has the objective of the democratic socialisation of industry, production, distribution and exchange, to the extent necessary to eliminate exploitation and other anti-social features in these fields."   -  ALP Constitution.

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#18 2013-05-21 19:52:47

willrocks
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From: Yesterday
Registered: 2012-05-10
Posts: 7,629
Trades :   29 

Re: "Unclaimed" money (in Bank)

iceblue wrote:

Thing is the sheep are so stupid they still have the " wont happen to me attitude ". My wifes Uncle has about $15k in an account he hasnt touched in years, at xmas I said to him get it out before the Gov takes it, ' They cant do that he says' yes they can I reply. Then they all gang up on me saying Iam a conspiracy nut!!

I've seen it many times, they suffer from cognitive dissonance by simultaneously maintaining two or more conflicting 'truths'.

On one hand they see governments take money from citizens in Cyprus, but they simultaneously believe their government's promise of insuring bank deposits.

It's a psychology prevalent in many cult like religions.

Last edited by willrocks (2013-05-21 19:55:01)


"You can ignore reality, but you cannot ignore the consequences of ignoring reality." - Ayn Rand

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#19 2013-05-21 19:53:24

House
Moderator/ Legend
From: Stack City
Registered: 2012-04-30
Posts: 9,635
Trades :   232 

Re: "Unclaimed" money (in Bank)

Old Codger wrote:

...and pass the cost on to the customers in fees or extra interest!

Never! They'd take it out of the hundreds of mullions net profit they make every year because their customers come first lol


WBI- 41.16

"There's no point in paying a mortgage on an asset that is going to fall by 40 per cent or so in the next few years". Steve Keen, 2008.
Stacker FAQ'S. New threads welcome- http://forums.silverstackers.com/topic- … faq-s.html

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#20 2013-05-21 21:27:43

JulieW
Silver Stacker
From: Australia
Registered: 2010-10-14
Posts: 11,099

Re: "Unclaimed" money (in Bank)

US

US Treasury secretary says he has begun tapping federal retiree pension fund to avoid default
http://www.startribune.com/business/208236701.html
WASHINGTON – Treasury Secretary Jacob Lew said late Monday he will begin tapping into two government employee retirement funds to buy more time before the U.S. Treasury is faced with the prospect of defaulting on the national debt.

In a letter to congressional leaders, Lew said that he would tap the civil service retirement and disability fund and a similar fund that covers retired postal workers. The law allows him to remove investments from these funds to clear room for more borrowing until Congress votes to raise the debt limit

UK

Four million people will be affected by the changes, although some will be better off
http://www.guardian.co.uk/money/2013/ma … uced-third

Proposed changes to public sector workers' pension schemes will reduce the average value of the benefit by more than a third for four million people, according to a report by the Pensions Policy Institute (PPI).

However, some people at the bottom of the income scale will be better off under the reforms.

The coalition plans to make several changes to public sector pension schemes to reduce the costs of running them. These include raising retirement ages in line with the state pension age and increasing the contributions made by employees.

AUSTRALIA?

What are the future headlines?

Last edited by JulieW (2013-05-21 21:29:55)

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#21 2013-05-21 23:34:13

willrocks
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From: Yesterday
Registered: 2012-05-10
Posts: 7,629
Trades :   29 

Re: "Unclaimed" money (in Bank)

Here's some from across the Tasman:

The National Government are pushing a Cyprus-style solution to bank failure in New Zealand which will see small depositors lose some of their savings to fund big bank bailouts, the Green Party said today.

Open Bank Resolution (OBR) is Finance Minister Bill English's favoured option dealing with a major bank failure. If a bank fails under OBR, all depositors will have their savings reduced overnight to fund the bank's bail out.

http://www.voxy.co.nz/politics/national … s/5/150410


"You can ignore reality, but you cannot ignore the consequences of ignoring reality." - Ayn Rand

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#22 2013-05-21 23:38:46

willrocks
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From: Yesterday
Registered: 2012-05-10
Posts: 7,629
Trades :   29 

Re: "Unclaimed" money (in Bank)

JulieW wrote:

What are the future headlines?

"The bail-in we had to have"

Politicians will use make out it's the patriotic thing to do.


"You can ignore reality, but you cannot ignore the consequences of ignoring reality." - Ayn Rand

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#23 2013-05-21 23:53:10

Golden ChipMunk
Member
From: Jupiter, Venus, Mars
Registered: 2012-12-12
Posts: 6,730
Trades :   255 

Re: "Unclaimed" money (in Bank)

"We are the thief. We govern the country. We make the bills and passes the laws.
Now it is legit we call it tax. It is now legal and we can screw you all.
Who dares challenge us."
Day after day twist and turn their policies to confuse the citizen.
I smell rats. Out you go next election. Enough is enough.


Original Perth CAPSULES - All Sizes Available
Full/ Half SOVEREIGN caps, contact Chip wink

Please leave pm , I will reply back  wink Chip

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#24 2013-05-22 00:08:59

Clawhammer
Silver Stacker
From: Gone Fishin'
Registered: 2010-02-26
Posts: 9,504
Trades :   

Re: "Unclaimed" money (in Bank)

Golden ChipMunk wrote:

Day after day twist and turn their policies to confuse the citizen.

It's just constant bloody change.... it's like trying to play a game of billards on a Frisbee that's been thrown around an orbiting moon... I can't remember a time when there was so much govt. interference in everyday life. sad


Specialisation is for insects

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#25 2013-05-22 01:47:37

Jislizard
Silver Stacker
From: Australia
Registered: 2011-04-07
Posts: 7,468
Trades :   57 

Re: "Unclaimed" money (in Bank)

hiho wrote:

Why is this acceptable to the zombi populace?  Not trendy enough for the Getup crowd or the social networking twats?

The Get Up crowd probably feel that people who are so rich they can forget about the odd $22k sitting in a bank account wouldn't mind the money going towards a good social cause. 

Actually I think I signed a petition for them to drop the length of time down to a week...


Now stacking: World Junk Silver Coins.
Swap your older, worn, dirty fractional silver coins for fiat, .999 rounds or legal tender. 
Individual coins, mixed lots or bulk. 
Not looking for Australian, bent, holed or damaged coins, thanks!

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