Bunch of overactive snatches

Of course, it’s government’s doing:

The federal government has seized a record $360 million from household bank accounts that have been dormant for just three years, prompting outrage in some quarters amid complaints that pensioners and retirees have lost deposits.

Figures from the Australian Security and Investments Commission (ASIC) show almost $360 million was collected from 80,000 inactive accounts in the year to May under new rules introduced by Labor.

The new rules lowered the threshold at which the government is allowed to snatch funds from accounts that remain idle from seven years to three years.

The ultimate goal — the same-day snatch — is probably still weeks away.

(Via Fark.)


  1. backwoods conservative »

    11 June 2014 · 7:32 am

    Everything is upside-down in the land down under.

    But seriously, that kind of legalized robbery is the kind of thing that can trigger rebellion. At the least it should have some people in the government wilting from the heat.

  2. fillyjonk »

    11 June 2014 · 10:49 am

    Didn’t one of the European countries float a similar idea a while back, only it was going to be confiscation of any bank assets over x number of whatever the currency in that country was?

    Here, they just CHARGE you for the privilege of loaning your money out if you don’t have regular activity.

  3. backwoods conservative »

    11 June 2014 · 11:30 am

    That’s not a new thing, either. The first savings account I had while I was still a child had the entire balance taken for lack of activity, and without any warning that it would happen. This was over 40 years ago.

  4. backwoods conservative »

    11 June 2014 · 11:42 am

    Is this the frumious Bandersnatch I was told to shun?

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