The federal government has bagged an unprecedented $360 million from household bank accounts since a controversial change to unclaimed money laws, Australian Securities and Investments Commission figures show.

Pensioners and others saving for a rainy day have reported trying to access their savings only to discover their money had been seized by the government because it had been dormant for three years or more.

Canberra has collected more money from inactive bank accounts under the three-year rule than the total amount captured in the past five decades combined.

Nearly $360 million from 80,000 accounts was funnelled into government coffers in the year to May after Labor lowered the threshold, eclipsing the $330 million netted between 1959 and 2012, during which time idle accounts could be touched only after seven years.