Dead Set Shocker. I wish I was posting this in the HOAX forum, but it's true.

originally posted by: myselfaswell
a reply to: AlphaHawk

Please, the statistical data originates from ASIC. I'll stick with the data, not propaganda, if you don't mind.

Kind Regards
Myselfaswell

Clearly you didn't watch the video, otherwise you wouldn't have dismissed me so quickly...

The video I posted has Peter Kell talking, deputy chair from ASIC.

a reply to: myselfaswell

Jesus christmas...

I think I would be in jail. I would not live with this. I am glad I am not there, but am pissed by proxy that you guys have to deal with outright theft.

Just....fighting words.

It deserves bullets for BS....

a reply to: tadaman

I concur tadaman.

a reply to: AlphaHawk

Apologies, I seen the slimey face of what looks like Christopher Pyne and ran screaming. I will watch the video and get back.

Kind Regards
Myselfaswell

a reply to: myselfaswell

I did think you Aussies had it going on over there with great and decent politicians...til I read this.. sorry to hear this. Very sad...

savings accounts are supposed to sit untouched, that's how you save - you don't spend. I guess in your country it's illegal not to spend your money.

The previous Labor government lowered the threshold at which money would be considered inactive from seven to three years, not the current.

Federal Treasurer Joe Hockey says the Government is reviewing its policy of seizing savings left idle for three years or more.

source

a reply to: AlphaHawk

I have just watched the video. I would refer you to my previous comment. Indeed watching the video has me more alarmed than ever.

So paraphrasing my impression of the video on the back of the OP and the data therein;

"We're happy to take your hard earned savings. We're also happy to give them back, if you can prove you are you, and good luck with that. What we're really hoping for is you don't notice we've got your cash and have a bit of a problem with that whole identification thingy or maybe alzheimer's or possibly dementia, but only if we're really lucky. But, but we really do care, cause we really really want your money, regardless of how we can get our filthy hands on it."

Stinks, stinky, stinkodourous.

Kind Regards
Muselfaswell

a reply to: myselfaswell

Ok, well the alternative for those suffering from Alzheimer's or have forgotten about an account will have the bank take fees out every month indefinately until there's nothing left.

a reply to: AlphaHawk

Interest.

If I have 12,000 dollars in a savings account I am earning about 2 percent interest on that money. over the course of 1 year I will have earned an additional 240 dollars at this rate of interest.

The average bank, at least in my country, charges you 3 dollars a month if you have less than 500 in your savings account, and free if over. Now, lets say in your country they charge you 3 dollars a month even if you have more than 500 dollars in your account... then they have charged you 36 dollars over the course of a year.

The balance then, between money you accrued, and money you were charged, is still an additional 204 dollars over the course of that year.

You don't need to be intelligent to realize that allowing your money to sit in the bank accruing interest is still better for you than burying it in your back yard.

That is what savings accounts are for btw. To work for you a little .... and that is what they do. Work for you just a little bit, but in a place where you can access the money should an emergency arise posthaste. You are not supposed to touch your savings accounts or you are only shooting yourself in the foot.

Therefore a person who leaves 12,000 dollars in their bank account without touching it, doesn't need to have Alzheimer's - they need a little common sense to know that even if they are not adding money to it, they will only accrue more money and will loose nothing - even if the bank upped their fees to 5.00 per month.

Just because someone is going through a period of life where they are unable to add more is no reason to steal their money! You place your money in the bank with good faith - its why we don't bury it in the yard. The bank in turn makes loans and investments with that money, which is how you end up accruing interest. It is a win win all the way around. Well, until they start stealing it.

Meh
Is any one really surprised about this
The government in Aus do what they want and have always.
Unlike the US we have to vote, we vothe for these clowns all the time

No GST and we have a GST
No carbon tax and we have a carbon tax

Its just the same old same old and we will do nothing about it

Connie Franze, 68, and her disabled son, Vince, 45, are trying to reclaim their life savings of more than $12,000 that was taken by the government last June.
''I saved for 45 years … It was my carer's pension and his disability pension,'' said the Sydney retiree.
She opened the Commonwealth Bank account 45 years ago, squirrelling away a small portion of her $50-a-week earnings from growing plants. The pair were saving for a trip to Italy to visit her mother.
''She was 100 years old. I wanted to take money out. They wouldn't give me the money … [and then] my mother died this year. The last time I saw her was 20 years ago.''

and the Aussie gov earmark 90 millions to search for other country's plane

a reply to: OpinionatedB

Well let's do some maths..

$10000 sitting in the bank for 3 years earning 2.5% interest = $10250

Minus bank fees of $5 per week...which is ultra conservative compared to this article:
www.adelaidenow.com.au...

Stating the average family pay $53 per week in fees.

So, $5x156 weeks = $780

$10250
-$780
=$9470

Oh that evil government!

They'll even pay interest now too, those evil, wicked, mean money stealing monsters!!

www.moneysmart.gov.au...

Granted it's based on CPI which is around the same for an average bank account...2.5%, but there's no fees.

You would that the banks themselves would know their customers. They should know that their customers with a savings account usually have a current account for the daily routine, and if the current account is active, the customer is active. Savings are savings, that's what they are for.
Even so, the set-up is pathetic, the people in the banks are pathetic and turning a blind eye.

I can understand now in some ways, why Ozzie posters were giving off about the money spent/being spent on MH370, but that's another story.

a reply to: OpinionatedB

Therefore a person who leaves 12,000 dollars in their bank account without touching it, doesn't need to have Alzheimer's - they need a little common sense to know that even if they are not adding money to it

Yup, a little common sense, as in keep in contact with the bank once every 3 years, even a 5c deposit does it.

Ok after reading that I only have this to say......

WTF IS A "DORMANT" ACCOUNT????

Surely any bank account used for "savings" is a "savings account"????

Since when did leaving your savings in a bank account for say 5-10 years quietly making interest make it the property of the government!

Doesn't matter what country it's in, If they are my savings in the bank then whether I'm alive/dead or bloody well abducted by aliens then its still my bloody property!

ROBBING BA$TARD$!!!!

M.

P.S. Going to the bank now to put my savings back under the bed....Ya know, Just in case the UK gets the same crazy idea.

a reply to: smurfy

The banks aren't turning a blind eye to it, they're lobbying the government to make it 5 years, not 3.

Now why would they do that?

originally posted by: 727Sky
www.activistpost.com...

We have stated in the past that FinCen, FATCA and FBAR are all intermingled to essentially put in capital controls on the US populace and, as well, steal most of the money from those with funds abroad. In the past many said that we were being too alarmist and surely the US government would not do something like this.

Well, think again, it just happened. And it was even worse than we thought

Carl Zwerner, an 87-year old Florida man, must pay the US government a 150% penalty on the value of his Swiss bank account, amounting to the biggest penalty by percentage on record, according to his lawyer. Carl Zwerner will pay more than $2 million "for willfully failing to file a US Treasury form called a Report on Foreign Bank and Financial Accounts, or FBAR. Prosecutors and the Internal Revenue Service use FBAR penalties, which sometimes are worse than criminal fines, in order stamp out "offshore tax evasion.

Zwerner's Swiss account at ABN Amro Group NV, the Netherlands’ third-biggest bank, was valued at $1.48 million in 2004, when his FBAR penalty was $723,762; the value in 2005 was $1.49 million, when the penalty was $745,209; and the value in 2006 was $1.55 million, and a $772,838 penalty. The total penalties were $2.24 million.

It is OK for governments to steal someone's life savings because they have a law 'they have written' that says they can.

This is serious stuff. People living overseas better understand this. If you have under 10 grand, you don't have to report your bank account, if over, you better.

originally posted by: murlock
Ok after reading that I only have this to say......

WTF IS A "DORMANT" ACCOUNT????

Surely any bank account used for "savings" is a "savings account"????

Since when did leaving your savings in a bank account for say 5-10 years quietly making interest make it the property of the government!

Doesn't matter what country it's in, If they are my savings in the bank then whether I'm alive/dead or bloody well abducted by aliens then its still my bloody property!

ROBBING BA$TARD$!!!!

M.

P.S. Going to the bank now to put my savings back under the bed....Ya know, Just in case the UK gets the same crazy idea.

My daughter opened an account in the States and underage (15) yet when she moved back, the bank took all her money, reason: inactive account. New laws have been passed I understand since then, but... I really wanted to floor the bank manager.

a reply to: musicismagic

I don't blame you either!

IMHO If the useless bunch of cretins in power cant manage to balance their own books with the tax on just about everything, (thank god they haven't worked out how to tax sex) then that's their tough $hit. Nothing should give them the right to plunder their citizens bank accounts regardless of how much or how long its been in there.

After all Its only the fact that the account holder has managed to be thrifty enough to not pay it all out in tax in the first place that its even in there at all!

I see the lips moving but all I hear is "TAKE TAKE TAKE"

a reply to: murlock

Yup, best leave it untouched in the capable hands of a bank instead.

Lol