zedcorp, so how many years is okay with you, and why is 7 years okay and 3 years not? Would you be happier with 4, 5 or 6 years?
The only way the money goes to ASIC is if the account holder looses contact with the bank or are uncontactable by the banks and the account has been inactive for 3 years.
One of the alternative is the banks continue to take fees until there is nothing left.
Or the money can go to ASIC and it is easier for relatives of account holders to find funds that would otherwise have stayed lost.
zedcorp, even if it was 1 year or 20 years of inactivity, why would the money go to ASIC if you responded to the bank contacting you?
Pure and simply it wouldn't go to ASIC.
I have posted numerous links on this thread for those that prefer to put some effort into understanding how the system works, instead of falling for some BS political article.
I can't add any more to this thread, it is yours and others choice as to where you get your information from. If you think some BS political article is more credible than the people (bank, ASIC, etc.) who operate the system, then good luck to you.
