Pensioner emerges from quintuple heart bypass surgery to find bank account emptied by Federal Government
Wednesday, 22 May 2013
Queensland pensioner emerged from heart surgery to find bank had emptied account and given it to Federal Government
This is quite a quote - A Treasury spokesman said the changes were made to reunite people with their lost money sooner. Read the story at the Courier Mail.
A QUEENSLAND pensioner emerged from a quintuple heart bypass only to find his bank had emptied his account, handing more than $22,000 to the Federal Government.
Legislative changes rushed through Parliament late last year mean money can now be identified as "unclaimed" after an account has been inactive for more than three years, instead of seven years.
Banks have already begun searching for inactive accounts that fit the new definition and transferring the cash to the Australian Securities and Investments Commission, as required. ASIC then passes the money to the Commonwealth of Australia Consolidated Revenue Fund.
The Australian Bankers' Association has accused the Government of putting its "own financial circumstances" ahead of customers' needs, leaving them facing "months of delays trying to reclaim their own money".
ASIC says the money can be claimed "at any time by the rightful owner", but banks have pointed out the process can take as long as six weeks.
Toowong resident Adrian Duffy is now looking at a lengthy battle to have his savings restored.
The 75-year-old spent 21 days in hospital following quintuple heart bypass surgery and a second operation in April.
When he and his wife, 57-year-old Mary-Jane, went to check their Suncorp account, they discovered their balance had plummeted from $22,616 to zero. A note on the May 1 entry read: "Closing WDL Govt unclaimed monies."