swan to rob your bank account, page-39

I cannot believe the absolute hogwash that is being posted here.

Don't let the truth get in the way of a good scare campaign.



ANZ

We will notify you (based on address information held) that the account will be closed if you do not take steps to reactivate the account.

http://www.anz.com.au/personal/bank-accounts/unclaimed-monies/




Unclaimed money search
Service Description

Have you any money stashed away that you have forgotten about, or didn't know you had?
Find out if you have any unclaimed money by searching the records of unclaimed money from bank accounts, company shares and life insurance policies.

http://australia.gov.au/service/unclaimed-money-search




Let's simplify things.

No one is stealing peoples money.

Swan is not getting the money.

ASIC will be holding the unclaimed money as it has done for decades.

ASIC will hold the funds until the rightful owner claims the funds.

As per the above ANZ example, the banks will notify the account holders prior taking any action.

The header of this thread has no resemblance to reality.

Claims of "HOUSEHOLDS face losing up to $109 million from their family savings" are directed at the Gullible.

The system is the same as it has been for decades.

The only difference is you are contacted after 3 years of inactivity.

If you cannot be contacted, the money is held by ASIC instead of the bank, until it is claimed.