“Unclaimed Money To Remain In #Dobell Hands For Longer” says Karen McNamara MP #CentralCoast
From The Office of Karen McNamara MP
Member for Dobell
10th September, 2015
Unclaimed Money To Remain In Dobell Hands For Longer
Member for Dobell, Mrs Karen McNamara MP, has today welcomed the passing of the Banking Laws Amendment (Unclaimed Money) Bill 2015.
“This is welcome news to Australians with a number of provisions introduced to help families remain financially secure,” said Mrs McNamara.
The Government has amended the Banking Act 1959 and Life Insurance Act 1995 to restore the time bank accounts and life insurance policies can be inactive, before they are transferred to the Government from three years to seven years.
“The previous Government reduced the time of inactivity to three years and as a result, millions of dollars held in thousands of accounts were transferred to the Government,” said Mrs McNamara.
“To many people in our community this meant delays in purchasing new goods such as a new washing machine or car or even having that hard earned holiday,” said Mrs McNamara.
Another key aspect of the Bill is the exemption of children’s accounts from unclaimed money provisions. “Families who are actively planning for their children’s future needs should not have to worry about their money being transferred to the Government due to inactivity,” Mrs McNamara said.
“Under the scheme the previous Labor Government had in place, there were unscrupulous businesses charging fees as high as 25% to reunite people with their own money.
“I encourage anyone in Dobell to check www.moneysmart.gov.au to access, free of charge, information about unclaimed accounts,” Mrs McNamara said.
These changes will apply to the next unclaimed money deeming date of 31 December 2015.
Contact Karen MacNamara MP, Member for Dobell:
Phone: 02 4351 0837
Fax: 02 4351 1487
Shop E1 Westfield Tuggerah, Cobbs Road
Tuggerah NSW 2259
PO Box 3763
Tuggerah NSW 2259