Wednesday 27 February 2013

Cash in the attic...

...will be better than cash in the bank after 3 years...


....HOUSEHOLDS face losing up to $109 million from their family savings as the Federal government moves to seize cash from inactive bank accounts....After legislation was rushed through parliament, the government will from May 31 be able to transfer all money from accounts that have not been used for three years into their own revenues....

"It is very hard to see why this needed to be rushed through but there have been suggestions it was done more for the government's own financial circumstances rather than customers needs," he said.....Mr Munchenberg warned that unaware customers face having accounts frozen and could face months of delays trying to reclaim their won money from ASIC.....This cash grab comes as economists warn the government is on track to hand down a $15 billion budget deficit in May as company tax receipts collapse....(here)

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