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Article archive
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Quarter 4 October - December 2017
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Quarter 4 October - December 2016
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Quarter 3 July - September 2016
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Quarter 4 October - December 2015
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Quarter 3 July - September 2015
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Quarter 2 April - June 2015
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Quarter 1 January - March 2015
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Quarter 4 October - December 2014
Quarter 3 of, 2016 archive
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Charities need to lodge Annual Statements
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ATO ramps up surveillance on unusual assets
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ATO exposes dodgy deductions, with examples
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Scammers New Ploy – “You Will Be Arrested”
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Making sense of NALI
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Locking Up Bank Accounts
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Is the hype around the new super changes warranted or simply codswallop?
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Change to salary sacrifice
Locking Up Bank Accounts

 

It seems that banks are being drawn in into financial disputes with couples.  And they are responding somewhat predictability.

       

 

If any joint account holder tells the bank, or the bank find out that the joint account holders are in dispute, they may ‘block’ access to the account.

This means that no-one will be able to withdraw funds from the account.  That means that no expenses can be paid from that account – not even joint household costs.

Deposits to the account may continue. 

The bank will continue to pay interest on the credit balance in the account.  The bank will only ‘unblock’ access to the account when they receive authorisation from all account holders.

Turmoil results.  And in a protracted divorce or dispute funds would be locked up for a very long period.