CGI's Dave404: Brisbane woman has had more than $150,000 taken from bank account under recent law changes

CGI's Dave404: Brisbane woman has had more than $150,000 taken from bank account under recent law changes

Posted By: Susoni [Send E-Mail]
Date: Saturday, 1-Jun-2013 07:27:18

In Response To: CGI's Dave404: Profit above all else: how CBA (Commonwealth Bank) lost savings and hid its tracks (Susoni)

Brisbane woman has had more than $150,000 taken from bank account under recent law changes “A BRISBANE woman has had more than $150,000 taken from her bank account by the Federal Government in the latest example of savers suffering under recent legislative changes. Financial planner and accountant Margaret Franklin was "shocked and angry beyond belief" when she found $157,644 had been handed to the Australian Securities and Investments Commission due to new legislation which defines the period of inactivity before money is considered "unclaimed" as three years. ASIC holds the money before passing it to the Commonwealth of Australia Consolidated Revenue Fund. The owner can claim their cash at any time, but the process can take as long as six weeks. The Courier-Mail last week reported that a pensioner had survived major heart surgery, only to find more than $22,000 had been shifted to ASIC by his bank, Suncorp, which later paid back the cash out of its own coffers. Ms Franklin claims to have received one letter from Adelaide Bank warning her of the changes, but says she was out of the office studying. By the time she was able to act, the money had vanished. The 47-year-old mother of two called on the Government to scrap the law, adding her finances were "none of the Government's business". "It's my opinion that I can transact as often or as infrequently as I like, because after all it's my money," she said. "I only changed the address on that account last year when we moved offices - so why isn't that noted as something that's important enough to say, well actually this account isn't inactive?" Opposition Leader Tony Abbott has indicated a Coalition government would amend the law, but Ms Franklin believes that would not be soon enough. "They can't wait that long - how many people's bank accounts are going to be emptied between now and then?," she asked.” "This can't wait for Tony." Read more: http://www.news.com.au/national-news/queensland/brisbane-woman-has-had-more-than-150000-taken-from-bank-account-under-recent-law-changes/story-fnii5v6w-1226654782499#ixzz2UvuhEpaz Dave404. http://www.rumormillnews.com/cgi-bin/forum.cgi?read=278467