Money

Use Your Bank Accounts, Or The Money Will Go To The Government

Got a bank account you don’t touch all that much? It might be time to go and shuffle its contents around slightly, as any account that’s been inactive for more than three years runs the risk of being claimed by the government.

Photo: krug6

The ABC reports on the move, which follows legislative change last year. Under the new rules, any bank account that lies idle for more than three years can have its funds transferred to the government from the end of May.

If you discover that your account has been cleared, it’s possible to reclaim the money through the Australian Securities and Investments Commission. Previously, the same rule applied to accounts that lay idle for seven years. Given you’ve only got to shift a very small amount of currency for the account to count as active, now might be the time to go and treat yourself to a store brand can of cola.

Banks warn Government set to take inactive accounts [ABC]


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