Episode 491 • • 1:41:28 - 1:44:39
491: Pope and Change
Australian Bank Account Seizures, Unclaimed Money Laws
Starting May 31, 2013, the Australian government will be authorized to transfer funds from bank accounts that have been inactive for three years into state coffers. While the money can be claimed, the process is reportedly lengthy. The hosts compare this to similar "escheatment" laws in U.S. states like California, where the government seizes private assets under the guise of protection.