Interdean Responds to New Ruling That Could Take Inactive Funds

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A new legislation could mean that Australian’s lose funds in inactive bank accounts.

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As a moving company we are most concerned with those that may have moved abroad and left money at home for when they return.

According to the Australian Times, a legislation amendment means that any funds in inactive bank accounts could be claimed by the Australian government. Bank accounts that are not used in over 3 years will be transferred to government revenue on 31 May 2013.

Bank accounts that have more than $1 upwards and have not had any deposits or withdrawals in the past three years will automatically be transferred to the Australian Securities and Investment Commission. The move is expected to raise $109 million in 2013 alone, as an estimated $330 million is currently sitting untouched in bank accounts Down Under.

Critics believe that the move comes in order to raise as much money as possible before the annual budget is released. The law is predicted to hit those who have long term savings or work abroad. Many Australians are living and working overseas, mostly in the UK and the legislation could hit those who have not returned home in over three years.

The moving company, Interdean, is particularly concerned about this new ruling. Although UK based Interdean has welcomed Australian’s to the UK for over fifty years providing services such as shipping, air freight, storage and excess baggage. The company is aware that the UK has the highest amount of Australians living here than any other country and so is dedicated to providing as much information as possible, ‘The legislation is a little shocking especially as it can affect long term savers who maybe saving for major life events or simply saving inheritance for specific times. As a moving company we are most concerned with those that may have moved abroad and left money at home for when they return. We advise them to make a small transaction to ensure their account is deemed active.’

Interdean continues to raise consumer based news.

Interdean have been helping people move throughout the world for over fifty years, offering a range of services including international moving assistance, excess baggage help, shipping, air freight and storage to worldwide destinations such as Australia, Hong Kong, Canada and Thailand. Interdean also offers further support such as visa assistance, banking, insurance and pet relocation as well as student focused packages. The competitively priced company also offer help for moves throughout the United Kingdom and Ireland.

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Ampreet Sandu
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