ALP stealing from sick pensioners

[IQS.RLOW]

http://www.heraldsun.com.au/money/money ... 6647919220


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.... 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.”

The couple had saved for 14 years in preparation for major health-related costs…

Mr and Mrs Duffy are adamant they received no warnings of the closure of the account.

“I called it stealing,” Mr Duffy said.

[Neferti]

It was Suncorp and I presume that is a Building Society?

Surely people can leave relatively large sums in a "bank account" as a nest egg to get the minimal amount of interest but easily allowed to withdraw for an emergency? Bank fees are horrendous.

Does anyone know anything about Reverse Mortgages?

[Aussie]

It was Suncorp and I presume that is a Building Society?

Surely people can leave relatively large sums in a "bank account" as a nest egg to get the minimal amount of interest but easily allowed to withdraw for an emergency? Bank fees are horrendous.

Does anyone know anything about Reverse Mortgages?

Yeah, I do. What do you want to know? (Suncorp is a Bank.)

[Neferti]

ONLY in the backward State.

[boxy]

It's a fairly simple matter to get the money returned. But it's a bit stupid the way they seem to do it. A simple letter to the address could save the hassle. My mum had an account closed like this. Given that she (and the whole family) have banked at the same place for as long as I can remember, it's pretty poor form.

It's the times we live in.

[IQS.RLOW]

You mean its the times we live in under the thieving ALP

[mantra]

You mean its the times we live in under the thieving ALP

Let's see if Abbott repeals this legislation. I bet he doesn't. It wouldn't surprise me if the opposition agreed to it at the time also. It's disgraceful for the simple fact that if a person is sick for a long time then dies - most beneficiaries wouldn't have a clue about the existence of any savings to pay for funeral costs, probate etc.

Forrest MHR Nola Marino is worried people do not know the new law means the time an account can sit untouched has been reduced by four years.

“This could affect anyone who has left money aside for their children’s education, travelled overseas or just put a lump sum aside for a rainy day,” Mrs Marino said.

“There is no limit to the amount in a bank account that can be taken by the Government into its own revenues.”
The new laws also mean the Government can collect up to $2000 from inactive superannuation accounts, up from the previous limit of $200.

[IQS.RLOW]

How about worrying about what your preferred form of leftwing govt does for a change instead of worrying about what the opposition may do?

Let me guess? It's all Howard's fault?

[mantra]

How about worrying about what your preferred form of leftwing govt does for a change instead of worrying about what the opposition may do?

Let me guess? It's all Howard's fault?

You're beginning to sound like Roach. He avoids answering the hard questions too simply because like you he doesn't have a clue what the unpredictable Abbott is capable of - or what he actually stands for. It's easier for you lot to attack rather than defend. What does it matter what this LW government is currently doing? No matter what they do - it will be wrong in your eyes. It is only months before the election and the sheep are lined up blindly to vote for someone who isn't Gillard.

Do you know that our dollar has started to drop - and fairly rapidly also. How do you think this will affect interest rates and inflation? By the time Abbott gains power - this will start to impact on our lives. How do you think Abbott will handle this? Has he even mentioned this in his usual ignorant rhetoric?

[Neferti]