[2014-06-10] Government grabs $360 million from idle household bank accounts

nwfella

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Well hello there!

Quote from: ClutchThese on June 13, 2014, 10:22:42 AM

Quote from: Quantus on June 13, 2014, 09:15:18 AM

Dose the US have similar laws?

I sure hope not! That's nuts. So what kind of accounts does this apply to? I mean, if you have an investment account and leave it be for a number of years, now you have to worry if it will even be there at the end? I call BS on this story.

Don't think the US really needs to steal money directly from our household accounts...they are doing a good enough job of doing that in essence by printing billions of newly inked bills everyday.

Dusty

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Libertas a calumnia

Quote from: indiemax on June 13, 2014, 10:39:15 AM

Quote from: ClutchThese on June 13, 2014, 10:22:42 AM

Quote from: Quantus on June 13, 2014, 09:15:18 AM

Dose the US have similar laws?

I sure hope not! That's nuts. So what kind of accounts does this apply to? I mean, if you have an investment account and leave it be for a number of years, now you have to worry if it will even be there at the end? I call BS on this story.

Sorry to say but it's true,the UK are going to do it too

Yes, there is a similar law in Italy, with 10 years time frame (for now).

As said, Bitcoin users not affected.

Bit_Happy

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A Great Time to Start Something!

Australia should treat their people better. If they try to fight this they end up in a kangaroo court. Cheesy

Seriously, I have/had a generally good impression of Australia and wanted to visit there someday, but they just lost a "few points" with this news.

RodeoX

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The revolution will be monetized!

Quote from: Quantus on June 13, 2014, 09:15:18 AM

Dose the US have similar laws?

I don't really know the laws here, but I seem to remember similar actions by the U.S. It was a little different however, I believe the accounts were decades old and mostly of people who died long ago with their accounts forgotten or unknown to others.
But three years. Huh

Man, that's no time at all.

BurtW

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All paid signature campaigns should be banned.

Quote from: indiemax on June 13, 2014, 10:39:15 AM

Quote from: ClutchThese on June 13, 2014, 10:22:42 AM

Quote from: Quantus on June 13, 2014, 09:15:18 AM

Dose the US have similar laws?

I sure hope not! That's nuts. So what kind of accounts does this apply to? I mean, if you have an investment account and leave it be for a number of years, now you have to worry if it will even be there at the end? I call BS on this story.

Sorry to say but it's true,the UK are going to do it too

"Bitcoin users were not affected"

indiemax

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Activity: 722

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Quote from: ClutchThese on June 13, 2014, 10:22:42 AM

Quote from: Quantus on June 13, 2014, 09:15:18 AM

Dose the US have similar laws?

I sure hope not! That's nuts. So what kind of accounts does this apply to? I mean, if you have an investment account and leave it be for a number of years, now you have to worry if it will even be there at the end? I call BS on this story.

Sorry to say but it's true,the UK are going to do it too

ClutchThese

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Activity: 448

Merit: 250

Quote from: Quantus on June 13, 2014, 09:15:18 AM

Dose the US have similar laws?

I sure hope not! That's nuts. So what kind of accounts does this apply to? I mean, if you have an investment account and leave it be for a number of years, now you have to worry if it will even be there at the end? I call BS on this story.

bitsmichel

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Activity: 518

Merit: 250

Quote from: Quantus on June 13, 2014, 09:09:14 AM

Is this real? I don't believe it.

probably real, similar stuff happened in Greece, Cyprus and many other countries.
The general trend is now, profits are for a select few, losses have to paid by society... strange way to run a business if you ask me.

Quantus

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Dose the US have similar laws?

BurtW

legendary

Activity: 2646

Merit: 1136

All paid signature campaigns should be banned.

Quote from: Quantus on June 13, 2014, 09:09:14 AM

Is this real? I don't believe it.

Best news I have heard in a long time (for Bitcoin).

Quantus

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Merit: 1005

Is this real? I don't believe it.

2dogs

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lynn_402

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Quote from: Dusty on June 12, 2014, 11:21:53 AM

Is this a new policy or this is the way it's always been?

I'm not familiar with australian policies, but the article does say:

"$360 million was collected from 80,000 inactive accounts in the year to May under new rules introduced by Labor. The new rules lowered the threshold at which the government is allowed to snatch funds from accounts that remain idle from seven years to three years."

Dogtanian

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Activity: 756

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I think the money in some countries like Australia becomes the property of the government after its been idle for so long. It's fucked up. I hope people can actually get their money back if they've just not touched it for a while.

Dusty

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Libertas a calumnia

Is this a new policy or this is the way it's always been?

lynn_402

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Activity: 462

Merit: 253

Quote

THE federal government has seized a record $360 million from household bank accounts that have been dormant for just three years, prompting outrage in some quarters amid complaints that pensioners and retirees have lost deposits.

http://moneysaverhq.heraldsun.com.au/news/government-grabs-360-million-from-idle-household-bank-accounts/story-fnkrnsiy-1226950657835

Not directly related to Bitcoin, but shows a flaw of fiat which cryptocurrencies solve.

Topic: [2014-06-10] Government grabs $360 million from idle household bank accounts (Read 949 times)