Australian Federal Government Raids and Siezes $360 Million From Household Bank Accounts

The federal government has bagged an unprecedented $360 million from household bank accounts since a controversial change to unclaimed money laws, figures from the Australian Securities and Investments Commission show. Pensioners and others saving for a rainy day have reported trying to access their savings only to discover their money had been seized by the government because it had been dormant for three years or more.

The government has collected more money from inactive bank accounts under the three-year rule than the total amount captured in the past five decades combined.
READ MORE: http://www.theage.com.au/federal-politics/political-news/pensioners-lose...