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webfact

Moves to seize money in idle bank accounts "for the benefit of the public"

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Moves to seize money in idle bank accounts "for the benefit of the public"

 

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Picture: Daily News

 

Moves are being made for the government to get their hands on money in accounts that have been idle for a long time.

 

The director of public finance Suwichon Rotjanawanich wants to see a change in regulations so that accounts containing more than 2,000 baht that have had no activity for ten years can be legally seized.

 

Suwichon anticipates that there is 10 billion baht in such bank accounts.

 

He claimed it was not to line state coffers but to bring money into the public domain for the benefit of all.

 

Account holders or their heirs would still be able able to present evidence to make claims on seized assets.

 

Meetings will be held in December to discuss the matter, reported Daily News.

 

Source: Daily News

 
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-- © Copyright Thai Visa News 2017-10-31

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8 minutes ago, robblok said:

Sounds like thievery. 

Actually, it's called Bank Robbery.

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This system has been in Thai banking systems for a long time already. I t is nothing new!

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I wonder why take such drastic action. Has the national treasury been exhausted already? Last time I heard, there was an 85% drop in the Thai Treasury Reserve from 420 Billion Bt to around 75 billion Baht in February 2017 (From a Source that cannot be named).

 

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After accusations that Switzerland was holding money in their banks that belonged to long dead Jews, the banks did a clean out. 

"In the mid-1990s, the controversy over unclaimed Jewish assets in Swiss banks arose, forcing the banks to pay out $1.25bn in settlement. The Swiss Bankers Association subsequently issued guidelines, requiring its members to report any account that had remained dormant for 10 years to a research bureau in Zurich. It also provided for potential heirs to file claims with the banks' ombudsman, the only official certified to consult the unclaimed asset database."

There is probably a lot more unclaimed money laying around, and I really can't see the harm in this kind of action.

My wife is claiming that if your bank account remains unused for more than ONE year, this will happen, she just listened to the news. TEN years is ok.

 

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39 minutes ago, webfact said:

He claimed it was not to line state coffers but to bring money into the public domain for the benefit of all.

uh huh; simple grab; the excuses are always the most fun part

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43 minutes ago, webfact said:

"for the benefit of the public"

55555, that's funny Suwichon, right up there with "elections will be held next year" by another member of the govt.

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13 minutes ago, cooked said:

My wife is claiming that if your bank account remains unused for more than ONE year, this will happen, she just listened to the news.

If your balance is less than 500 Baht for 1 year they deduct a fee. This has been in place for many years already.

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Just imagine all the 400.000 or 800.000 (married / retired) funds that are never touched of farangs... hmmmmm 

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In the US I think it is after 5 years it is transferred to the State 

 

If you contact later you get your funds back.

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23 minutes ago, robblok said:

Just imagine all the 400.000 or 800.000 (married / retired) funds that are never touched of farangs... hmmmmm 

I would think the annual letter showing proof of funds would be classed as 'activity' within the bank ?

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1 hour ago, robblok said:

Sounds like thievery. 

Look what they just did in India. 

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