Under previous Australian law, dormant deposit accounts were turned over to the government after seven years. The new rule is three years, and they mean it:
Thousands of bank account holders are being advised to make transactions of as little as $1 to avoid having their accounts transferred to the Australian Securities and Investments Commission to help plug the federal government’s budget deficit.
Under recent changes to the law designed to raise $109 million this financial year, deposits can be deemed unclaimed if a transaction has not been made on an account for three years or more, down from seven years previously.
Collecting interest, apparently, is not considered a transaction.