Laws about unclaimed money changed in December 2012. They state that accounts which have not received a deposit or a withdrawal for three years or more are to be treated as unclaimed monies. In this situation, banks are required to close the account and transfer the monies to the Commonwealth Government.
The ABA supports money management as a key principle and objective of Centrepay. However we are concerned that the current structure and administration of the Centrepay scheme may result in negative outcomes for Centrelink recipients that are contrary to the stated objectives. The ABA’s concerns relate to three areas: firstly, access to the Centrepay system by business participants; secondly affordability; and thirdly alternative mainstream financial products and services.