Any brothers got dormant bank accounts in Australia, ie from schooling days?

[Runifyouhaveto]

Australia Seizes A$360M From Dormant Bank Accounts
http://www.smh.com.au/national/canberra-reaps-360m-from-inactive-bank-accounts-20140609-39t8p.html

The federal government has bagged an unprecedented $360 million from household bank accounts since a controversial change to unclaimed money laws, Australian Securities and Investments Commission figures show.

Pensioners and others saving for a rainy day have reported trying to access their savings only to discover their money had been seized by the government because it had been dormant for three years or more.



Any brothers got dormant bank accounts in Australia, ie from schooling days or personal coffers?

 

[johnny333]

Even in Spore I know of cases where Indonesians who park their money here in Spore have had the funds disappear. Obviously an insider job.

Glad that my $$ is in Canada. I'll have to return & get the money out soon. Probably re-invest the $$ in the US

 

[krafty]

good...i plan to be a bum on welfare...

 

[frenchbriefs]

uh i got a australian account im still using even though iv left australia for the interest.....im not a citizen of aussie though.....will they suka suka seize my money?

 

[halsey02]

What I know, maybe time have changed or laws or?? in the past, dormant accounts are transferred to an account, forgotten the name of the account after five years, it will still show in he balance sheet. After was it 10 years or 20?? the money will transferred to an income account.

 

[Rogue Trader]

Non residents have to pay hefty taxes on the interest earned and bank charges..Better to close off the account when you leave..

 

[frenchbriefs]

Non residents have to pay hefty taxes on the interest earned and bank charges..Better to close off the account when you leave..

the tax cant be greater than the sum of interest earned and bank charges right?

 

[Rogue Trader]

the tax cant be greater than the sum of interest earned and bank charges right?

Yes it can. That's why I closed mine 3 years after I left.

 

[halsey02]

the tax cant be greater than the sum of interest earned and bank charges right?

The administration charges levy by the bank will wipe out all the balance , if your savings is less than the derisory amount, as determined by a Bayi lawyer...

 

[KNNBGCB]

uh i got a australian account im still using even though iv left australia for the interest.....im not a citizen of aussie though.....will they suka suka seize my money?

They wont makan your AUD 10 lah. Relax

 

[Narong Wongwan]

No dormant bank accounts but I incurred a whole lot of credit card debts back then studying down under

 

[KNNBGCB]

No dormant bank accounts but I incurred a whole lot of credit card debts back then studying down under

Your life is full of colours.

1. Tio STDs
2. Study overseas
3. Owe bank money
4. Multiple wives
5. Frequent member in prisons around SEA

What else did I miss?

 

[jw5]

No dormant bank accounts but I incurred a whole lot of credit card debts back then studying down under

Got pay or not?

 

[jw5]

Your life is full of colours.

1. Tio STDs
2. Study overseas
3. Owe bank money
4. Multiple wives
5. Frequent member in prisons around SEA

What else did I miss?

6. IQ high enough to qualify for Menses, ooops, errr, Mensa.

 

[GramStroker]

No dormant bank accounts but I incurred a whole lot of credit card debts back then studying down under

How did u get a local credit card?