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This section provides information on recovering amounts of FA that are made to a financial institution for the credit of an account kept with the institution.
If FA payments were made to a financial institution for the credit of an account kept with the institution and the payments were intended for someone other than the person in whose name the account was kept, the FAO may give a written notice to the institution requiring it to pay back the lesser of the following amounts:
The financial institution would be required to repay the money within a reasonable period and this period would be specified in the notice.
Where an account with an institution is in the names of more than one person, this provision applies if the payment was intended for someone who was not one of the persons in whose names the account was kept.
If FA payments are made to a financial institution for the credit of an account that was kept with the institution and the intended recipient of the payments died before the payments were made, the FAO may give a written notice to the institution requiring it to pay back the lesser of the following amounts:
The financial institution would be required to repay the money within a reasonable period and this period would be specified in the notice.
Act reference: FA(Admin)Act section 93A Recovery of amounts from financial institutions
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Last reviewed: 30 April 2012
