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originally posted by: AlphaHawk
a reply to: murlock
Yup, best leave it untouched in the capable hands of a bank instead.
originally posted by: TheSpanishArcher
a reply to: myselfaswell
Sorry, but I LOL'ed at this. Only 360 million? Heck, we here in the great ole U.S. of A. gave trillions to bankers. At least they told us before they screwed us(no kiss, though). AFAIK, they have also stolen the social security(that was a while ago and I don't think they just "put it back").
To go into "dormant" accounts and steal the money, though, that's pretty damned nasty. Doesn't get much lower than that.
Cue Pink Floyd Another Brick In The Wall. Someday, that wall is a gonna break. Badly.
originally posted by: 727Sky
We have stated in the past that FinCen, FATCA and FBAR are all intermingled to essentially put in capital controls on the US populace and, as well, steal most of the money from those with funds abroad. In the past many said that we were being too alarmist and surely the US government would not do something like this.
Well, think again, it just happened. And it was even worse than we thought
Carl Zwerner, an 87-year old Florida man, must pay the US government a 150% penalty on the value of his Swiss bank account, amounting to the biggest penalty by percentage on record, according to his lawyer. Carl Zwerner will pay more than $2 million "for willfully failing to file a US Treasury form called a Report on Foreign Bank and Financial Accounts, or FBAR. Prosecutors and the Internal Revenue Service use FBAR penalties, which sometimes are worse than criminal fines, in order stamp out "offshore tax evasion.
Zwerner's Swiss account at ABN Amro Group NV, the Netherlands’ third-biggest bank, was valued at $1.48 million in 2004, when his FBAR penalty was $723,762; the value in 2005 was $1.49 million, when the penalty was $745,209; and the value in 2006 was $1.55 million, and a $772,838 penalty. The total penalties were $2.24 million.
It is OK for governments to steal someone's life savings because they have a law 'they have written' that says they can.
banks are quick to pass on interest-rate increases on loans but not on savings.
A UMB savings account allows you to not only save your money, but also earn interest on those funds. Save a little money, take a little money, make a little money with a UMB savings account.
Benefits$100 minimum opening deposit
Three withdrawals per month at no charge
Up to three more withdrawals for $3 each
Nominal service charge if minimum balance is not maintained
24-hour access to account information through your computer or telephone
Access available with Ultra ATM card
- See more at: www.umb.com...
originally posted by: AlphaHawk
a reply to: smurfy
The banks aren't turning a blind eye to it, they're lobbying the government to make it 5 years, not 3.
Now why would they do that?
So what's going on? If the economy is weakening and banks are highly exposed to the country's ups and downs, how do earnings keep growing so strongly?
Greens MP Adam Bandt summed up the suspicions many of us have that we are being gouged.
''It is no wonder so many Australians see the big four as vampires,'' he said after ANZ's $6.5 billion full-year profit.
So the shift to more cautious behaviour by businesses can explain much of the recent profit growth by banks because it has led to unusually low default rates. Read more: www.smh.com.au...
ASIC is responsible for handling all unclaimed moneys from:
authorised deposit taking institutions, under s69 of the Banking Act 1959 (Banking Act)
life insurance companies & benefit fund friendly societies, only for annual returns made under s216 of the Life Insurance Act 1995 (Life Insurance Act)
institutions providing first home saver accounts, under s51A of the First Home Saver Accounts Act 2008 (First Home Saver Accounts Act)
companies with unclaimed money/property, under sections 668A, 668B, 1343, 1343A 1017E, 601AD(2), 601AD(1A), 601NG, 544 and 414 of the Corporations Act 2001(Corporations Act).
It is a dog act
Australian Bankers' Association chief executive Steven Munchenberg said the legislation was a "rushed" budget-boosting exercise