Description
This article uses a potentially real story to alert your readers to the fact that ASIC can collect money held in unused bank accounts for the government’s use. It recommends that your readers should consolidate their bank accounts to ensure any “idle cash” is working for them, not the government.
Introduction
We’ve all heard about the “lost billions” sitting in idle superannuation funds around Australia but are you aware of what’s happening to hundreds of millions of dollars sitting in “inactive” bank accounts? Read on, you may be very surprised.
Did you know that the Australian Securities & Investment Commission (ASIC) collects total balances from bank accounts that have remained untouched for seven years? It also collects money left in unclaimed investments and life insurance policies.
There is $..... billion dollars waiting to be claimed, most of which has been transferred from bank accounts into the federal government’s Consolidated Revenue Fund. Some dormant bank accounts had balances of more than a million dollars! That news should be enough to prompt action!
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