THE government has ripped more than $640 million out of Australians' bank balances and life insurance policies after a budget-boosting policy shift by Labor ruled any account untouched for three years fair game.
According to new figures from the corporate regulator, money appropriated by the commonwealth from "inactive" private accounts soared more than fivefold in the year to June, following laws introduced by the former Labor government.
You will also be prompted to select what type of bank account you want to open. Some online banks offer a variety of options from business economy checking to full analysis business checking.
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