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

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.

[credit provider=”flickr” url=”http://www.flickr.com/photos/kruggg6/211749612/” creator=”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]


The Cheapest NBN 50 Plans

Here are the cheapest plans available for Australia’s most popular NBN speed tier.

At Lifehacker, we independently select and write about stuff we love and think you'll like too. We have affiliate and advertising partnerships, which means we may collect a share of sales or other compensation from the links on this page. BTW – prices are accurate and items in stock at the time of posting.

Comments


22 responses to “Use Your Bank Accounts, Or The Money Will Go To The Government”

Leave a Reply