its started

CASH GRAB: Inactive bank accounts to be seized

by By Stephen McMahon
From: News Limited Network
February 26, 201311:58AM

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.

This will mean that accounts with anything from $1 upwards that have not had any deposit or withdrawals in the past three years will be transferred to the Australian Securities and Investment Commission.

The law is forecast to raise $109 million this year as inactive accounts for three years or more are raided by Treasury.

The money can be reclaimed from ASIC but the process can take months.

Experts warn this will have a negative impact on people that may have put money away in a special account for their children's education or decided to put an inheritance in a separate account for a rainy day.