Dead Set Shocker. I wish I was posting this in the HOAX forum, but it's true.

Australia the "Lucky Country". Clearly not for some.

Aussie Government Steals 360 Million

Try this for size;

Pensioners and others saving for a rainy day have reported trying to access their savings only to discover their money had been seized by the government because it had been dormant for three years or more.

Read more: www.smh.com.au...

Closely followed by this cherry;

Canberra has collected more money from inactive bank accounts under the three-year rule than the total amount captured in the past five decades combined.

Read more: www.smh.com.au...

The money can, after some considerable effort I'd imagine, be recovered. But wait, if this doesn't get you back up then you're probably dead;

Connie Franze, 68, and her disabled son, Vince, 45, are trying to reclaim their life savings of more than $12,000 that was taken by the government last June.
''I saved for 45 years … It was my carer's pension and his disability pension,'' said the Sydney retiree.
She opened the Commonwealth Bank account 45 years ago, squirrelling away a small portion of her $50-a-week earnings from growing plants. The pair were saving for a trip to Italy to visit her mother.
''She was 100 years old. I wanted to take money out. They wouldn't give me the money … [and then] my mother died this year. The last time I saw her was 20 years ago.''

Too angry at this stage for further commentary.

Kind Regards ATS
GFY Canberra
Myselfaswell

Yep, this country is run by Boffins, I too am having difficulty accessing my account. It was a dollarmites account you set up in primary school. Gone!!! just gone!!

www.activistpost.com...

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.

a reply to: myselfaswell

Can't trust banks, can't trust the Government, can't trust superfunds, insurance companies and the list goes on slowly but surely leeching us.

This wouldn't surprise me at all no matter what party leads the nation.

Regards

Bally.

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.

Didnt touch it for 3 years, cant get mad.

What a totally and utterly messed up rule. "Sorry your pension fund doesnt exist anymore, well you didnt die for 3 years so we took that too".

They just make up any old crap as they go along dont they. Criminal.

a reply to: TheSpanishArcher

I do agree, Americans have paid a price that will probably never be recovered. But that's up to you to change.

This is truly a dog act. This should also send a warning, if it hasn't already underlined it, that we are in trouble.

Kind Regards
Myselfaswell

a reply to: myselfaswell

I wonder what the rules are for an account to be considered to be 'active.' Are only a 3-4 transactions required in 3 years or each year, a little bit of the money, a sizable chunk of money, most of it or does the entire amount have to be withdrawn within 3 years?????????

I bet those rules are burried away deep in the fine print.

a reply to: myselfaswell

Change? You must be a comedian.

I know your not from here, but you might remember all the "hope and change" we were promised by our dear leader. Now everyone is hoping for a change from him but the alternative given to us would just be another puppet, we have no say. It's 100% rigged.

Politicians, hated everywhere, and for good reason. Too bad more don't get pissed off enough to actually do something about all those crooks, though what that would be is beyond my pay grade.

a reply to: learnatic

By definition it inactive if there are no deposits or withdrawals within a 3 years period.

I would like to add that it was a socialist Labour government that introduced this law.

Kind Regards
Myselfaswell

originally posted by: myselfaswell
Australia the "Lucky Country". Clearly not for some.

Why the surprise? Exactly the same happens in the USA....

people.opposingviews.com...

When an account remains inactive long enough, it can pass into the hands of state governments as unclaimed property.

a reply to: myselfaswell

the government must really need money badly......labor may have gotten the ball rolling but Abbott sure cashed in on it....what a bunch of scumbags,these politicians are the lowest of the low,drug dealers and prostitutes have more integrity and at least provide a service

originally posted by: hopenotfeariswhatweneed
a reply to: myselfaswell

the government must really need money badly......labor may have gotten the ball rolling but Abbott sure cashed in on it....

If you want that account re-opened you just have to tell the bank, a simple process....

a reply to: TheSpanishArcher

Comedian, not really. Capacity to determine inevitable outcomes, maybe.

I would draw your attention to this thread

As I said, it's up to you to change.

Kind Regards
Myselfaswell

I'm starting to get scared about having my money in the bank. Scared I left off a few bucks on my property taxes and they take my home.

3 years of dormancy ? What a stupid rule. I thought they just froze it at 3 yrs here in Canada. Then as long as you do some activity on it , it fixes it.

a reply to: hellobruce

As noted in the OP, that is not necessarily the case. We are talking about banks here.

Kind Regards
Myselfaswell

a reply to: hopenotfeariswhatweneed

At this point I would agree with your sentiments. I have come to believe that politicians are the type of people who believe that Charisma is the 25th of December. Not only that but they're likely to also f@#k the crack of dawn, if it had hairs on it.

Kind Regards
Myselfaswell

a reply to: myselfaswell

Please don't get sucked into MSM hyperbole...

originally posted by: myselfaswell
a reply to: hellobruce

As noted in the OP, that is not necessarily the case. We are talking about banks here.

Kind Regards
Myselfaswell

Indeed, we are talking about banks, and how they want it changed to 5 years.

More interest and fees taken from those inactive accounts and added to their already ridiculously huge profits.

a reply to: AlphaHawk

Please, the statistical data originates from ASIC. I'll stick with the data, not propaganda, if you don't mind.

Kind Regards
Myselfaswell