Warning For Unused Aussie Bank Account Holders

[ozsamurai]

http://www.atlaswealth.com.au/australian-expats-take-note-inactive-australian-bank-accounts-action-required-before-the-31st-of-may-2013/

Oz

[Gsxrnz]

The same happens in NZ for over 20 years but the inactive period requirement is seven years, not three as the Aussies are doing. the NZ Government through the Inland revenue Department have a website that lists all the names and amounts that remain unclaimed. There are some HUGE balances that the Government has scored. As in Aussie, the account holders or there estates can claim the money at any time.

[ghworker2010]

I have just been a victim of this. I had a large veridian line of credit that I had not used for many yrs. I recently logged on and noticed it was not on my profile. Called them and they said it was closed on the 31st dec- they did not notify me at all of this and I was really angry.

[metisdead]

Moved to the Jobs, Economy, Banking forum.

[David48]

Thanks to the Mod above for the discretion shown ...

Aussie Bank Account holders ... this is serious!

Maybe you moved to Thailand a few years ago ... but, to maintain the safety net at home, you kept a few grand in an Aussie Account untouched ... just in case.

Recently I received a letter from the Bank about an account with $750 in it which I hadn't touched for a few years stating that it was to be returned to the Federal Government!

Be warned ... make a deposit/withdrawal on the account to keep your money safe!

Thanks to the OP for bringing it to our attention.

.

[Gsxrnz]

David48, you're probably lucky that you got a letter advising you. I worked for a bank for many years in NZ and there is no requirement to advise customers there that their funds were being given to the government.

The name for the funds is called Unclaimed Monies, and every bank is required to sweep their system at 31 March every year (the end of the tax year), provide data of the name and last known address details of the depositor, and pay the combined funds to the government. The affected accounts had to be dormant from a customer transaction for a period of seven years.

Your letter may have been a courtesy type letter - if that's so, then I commend your Aussie bank for advising you and for having a policy of informing their customers.

[stoli]

35 years ago I opened an IRA account at a bank in the US with $25 minimum because they said there would never be an annual fee for life. That bank was bought by another bank, and I never heard about that account again. Last year it suddenly showed up in my Wells Fargo account that I had. It turns out the bank kept being sold to other banks that I did not use 7 times, and finally the last owner was Wells Fargo. After 35 years, with fees by the various banks being imposed, my initial $25 was now worth $31!

[Gsxrnz]

35 years ago I opened an IRA account at a bank in the US with $25 minimum because they said there would never be an annual fee for life. That bank was bought by another bank, and I never heard about that account again. Last year it suddenly showed up in my Wells Fargo account that I had. It turns out the bank kept being sold to other banks that I did not use 7 times, and finally the last owner was Wells Fargo. After 35 years, with fees by the various banks being imposed, my initial $25 was now worth $31!

You're lucky you were still in credit! NZ banks will apply charges and put you into overdraft.