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  1. #11
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    Very unfair, particularly for those that have put money away for their children's education/future etc

    Surely there will have to be rules surrounding this change. E.g. The bank would have to attempt contact with the account holder (triggering action from them) before releasing funds to an external party.

  2. #12
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    Surely you would be contacted first - that's just shocking

  3. #13
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    Quote Originally Posted by MummyJenn View Post
    Just deposit $1 every 3 years. That will keep it active.
    That's what I was thinking. It's not that hard.

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    I think 3 years is not a very long time! Maybe 10 years? Not that I think it is ok at all.

  5. #15
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    Im actually wondering just how many accounts havent had ANY deposits or withdrawls in 3 years.

  6. #16
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    I have a st George account since I was a kid. If there's money in there, I'd be surprised, but I actually think it would be in the red because of fees and charges!

    I don't see the big deal???

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    I think its a good idea. When you want the money back you just apply for it and its paid back to you with inflation built in.

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    I think it's a terrible thing. We have an ING account that is our emergency account and have already had a phone call to say if we don't "move" some money we will lose it, that's over $10K that the government would take - it's never just as easy as apply for it and get it back, it takes weeks for these things to come through, what if you needed it urgently.

    It's just the government desperate to look like they are saving money at our expense, not impressed at all.

  9. #19
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    Quote Originally Posted by ICanDream View Post
    I think it's a terrible thing. We have an ING account that is our emergency account and have already had a phone call to say if we don't "move" some money we will lose it, that's over $10K that the government would take - it's never just as easy as apply for it and get it back, it takes weeks for these things to come through, what if you needed it urgently.

    It's just the government desperate to look like they are saving money at our expense, not impressed at all.
    Umm, if you deposit $1 into the account, problem solved!

    This happens in other countries. My husband is Irish and got a letter from his bank over there saying the same thing.

  10. #20
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    Quote Originally Posted by ICanDream View Post
    I think it's a terrible thing. We have an ING account that is our emergency account and have already had a phone call to say if we don't "move" some money we will lose it, that's over $10K that the government would take - it's never just as easy as apply for it and get it back, it takes weeks for these things to come through, what if you needed it urgently.

    It's just the government desperate to look like they are saving money at our expense, not impressed at all.
    Can you just transfer $1 into it or do they want a larger amount? Can you Transfer some out then transfer it straight back in so its 'active' again?


 

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