HOUSEHOLDS face losing up to $109 million from their family savings as the Federal government moves to seize cash from inactive bank accounts.

After legislation was rushed through parliament, the government will from May 31 be able to transfer all money from accounts that have not been used for three years into their own revenues.

This will mean that accounts with anything from $1 upwards that have not had any deposit or withdrawals in the past three years will be transferred to the Australian Securities and Investment Commission.

When does the thieving end!

The Australian Securities and Investments Commission enforces company and financial services laws to protect consumers, investors and creditors

Hmmm stealing for the crown corp of london from the colony perhaps?

Do you think they're succeeding in their remit? It's hard to say, isn't it?

ASIC has initially ruled out a request by administrator Austin Taylor to investigate

www.adelaidenow.com.au/news/south-austra...frea83-1226593502384