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Topic: [2014-06-10] Government grabs $360 million from idle household bank accounts (Read 972 times)

legendary
Activity: 1610
Merit: 1000
Well hello there!
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.
hero member
Activity: 731
Merit: 503
Libertas a calumnia
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.
legendary
Activity: 2114
Merit: 1040
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.
legendary
Activity: 3066
Merit: 1147
The revolution will be monetized!
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.
legendary
Activity: 2646
Merit: 1137
All paid signature campaigns should be banned.
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"
hero member
Activity: 722
Merit: 500
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
sr. member
Activity: 448
Merit: 250
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.
sr. member
Activity: 518
Merit: 250
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.
legendary
Activity: 883
Merit: 1005
Dose the US have similar laws?
legendary
Activity: 2646
Merit: 1137
All paid signature campaigns should be banned.
Is this real? I don't believe it.
Best news I have heard in a long time (for Bitcoin).
legendary
Activity: 883
Merit: 1005
Is this real? I don't believe it.
legendary
Activity: 1267
Merit: 1000
sr. member
Activity: 462
Merit: 253
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."
hero member
Activity: 756
Merit: 500
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.
hero member
Activity: 731
Merit: 503
Libertas a calumnia
Is this a new policy or this is the way it's always been?
sr. member
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.
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