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Not 'to be seized' - 'have been seized' I had an account confiscated -stolen -emptied - whatever you want to call it. This was an e-trade linked account. The
by brc 13y ago
Not 'to be seized' - 'have been seized'
I had an account confiscated -stolen -emptied - whatever you want to call it.
This was an e-trade linked account. They sent me a warning so I wet in and checked that it was active -login, checked the account, regular interest deposits, all good,there.
Wrong.
I had to make a personal withdrawal or deposit in order to 'activate' the account or it was deemed inactive. All because I haven't bought/sold anything for 3 years in that particular account ( though I have in other accounts in the same e-trade account)
Now I have to apply to a govnemrnt agency to get my money back, the wait time is 6 weeks plus.
It's absurd, shocking, disgusting.
In the news is a pensioner who had been saving up for medical bills. Goes into hospital for major surgery, comes out afterwards and finds all his saving gone $22k.
The inactive period is 3 years. In other words, since the LOST finale aired. It's not that long.
Most countries have a provision to seize unclaimed monies. But three years? What on earth is the justification? Because they can't balance a budget?
If the government came into your house and took any jewelry that you hadn't worn in three years, most people would revolt. But apparently. Only in the bank is use it or lose it. So much for savings being the necessary per-requisite for capital formation.
/rant
For what? The current treasurer and government disgust me.
- incompatible 13y agoI didn't realise that it applied to every account individually at a single bank. I'd have thought transactions through any particular account would be enough to show that none of the accounts are "lost". Any other activity such as logging in and checking the balance should be sufficient too. Otherwise, it seems that it's just a government cash grab.
- brc 13y agoYes, any reasonable test of an active account for an online account should be a recent login. But that's not the test- you have to withdraw or deposit money. I suppose we could call it 'banking theatre'. 'dance, taxpayer, dance! Jump through these arbitrary hoops or we'll take your cash!'
- jacques_chester 13y agoWhen the original legislation was drafted, online banking didn't exist. People still visited bank offices to deposit paycheques and to withdraw cash.