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

[webfact]

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

 

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

 

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

[robblok]

Sounds like thievery. 

[ratcatcher]

8 minutes ago, robblok said:

Sounds like thievery. 

Actually, it's called Bank Robbery.

[ib1b4]

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

[toybits]

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).

 

[cooked]

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.

 

[newcomer71]

Just... wow. Digging to new lows...

[YetAnother]

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

[ross163103]

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.

[janclaes47]

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.

[robblok]

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

[AGareth2]

This just seems wrong to me

 

[Dipterocarp]

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.

[Thaiwrath]

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 ?

[joeyg]

1 hour ago, robblok said:

Sounds like thievery. 

Look what they just did in India. 

[jvs]

Reminds me of a while ago when i moved from one country to another.

Wanted to close my bank account but was told there was a fee to do this,i withdrew nearly all of my money but left ten cents in the account.

You should have seen their angry faces,bye bye.

[dabhand]

I worked for a time in Malaysia during the 90's and they have an Unclaimed Moneys Act that required certain entities to pay over unclaimed sums to the government. This was part of the year end audit process and was enforced by the relevant government department.

 

I believe that the timeline for banks handing over funds from dormant accounts was seven years.

 

As for what happens to these funds........ Based on the current shenanigans of PM Najib and his partners in crime, it would be seen as extra funding for the lavish lifestyle of his extended family. Maybe Thailand is picking up tips from neighboring 'democracies'.

 

https://www.lawyerment.com/library/kb/Banking_and_Finance/Banking/1152.htm

[Dipterocarp]

19 minutes ago, joeyg said:

Look what they just did in India. 

They have massive tax evasion. Now the US is communicating with Indian banks also in a FATCA agreement.

Rich India "US Persons" have been stashing wealth there so will be getting a big haircut from Uncle Sam as well. Examples will be made, jail and huge fines.

[pearciderman]

1 hour ago, ib1b4 said:

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

 

Oh yes it is, and the bill has not even been drafted yet. Don't confuse individual banks' policies with what will become law - and of course instead of the banks, the money will go to the public coffers.

[joeyg]

1 minute ago, Dipterocarp said:

They had sassive tax evasion. Now the US is communicating with Indian banks also in a FATCA agreement.

Rich India "US Persons" have been stashing wealth there so  will be getting a big haircut from Uncle Sam as well.

the rich people in India knew well in advance about what was coming, they had plenty of time to convert their cash to gold or other assets.  As always the rich got richer and the poor got poorer.  As far as those in the US, not sure what to think right now.

[thaibeachlovers]

1 hour ago, ib1b4 said:

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

 It's only if less than 2,000 baht that an account can be closed. I recently checked with my bank to ensure that my unused accounts won't be voided and no problem.

 

Any such law would be legalised theft. Money belongs to the ones that earned it, but seems that once people get into a seat with power ( in any country ) they think they have a right to other people's money. It's none of their business how long I leave money in an account, as long as it is enough to pay bank fees.

[joeyg]

9 minutes ago, thaibeachlovers said:

 It's only if less than 2,000 baht that an account can be closed. I recently checked with my bank to ensure that my unused accounts won't be voided and no problem.

 

Any such law would be legalised theft. Money belongs to the ones that earned it, but seems that once people get into a seat with power ( in any country ) they think they have a right to other people's money. It's none of their business how long I leave money in an account, as long as it is enough to pay bank fees.

That's right!!! You tell 'em...

[YetAnother]

48 minutes ago, Thaiwrath said:

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

interesting point; along those lines, you might include updating the passbook

[ib1b4]

58 minutes ago, pearciderman said:

 

Oh yes it is, and the bill has not even been drafted yet. Don't confuse individual banks' policies with what will become law - and of course instead of the banks, the money will go to the public coffers.

As an account holder the only things new is the government want to get their greedy hands on other peoples money  before the greedy bankers get their hands on it, ...and the words legally.

[yellowboat]

4 hours ago, webfact said:

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.

It is what governments do "legally" is the most worrisome.  This is actually the problem with the Thai government.  Makes Thailand look that much less desirable. 

 

4 hours 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.

When has that ever happened in Thailand ?  

[rodney earl]

For the benefit of the public, who are they trying to kid.!!!

[rodney earl]

For the benefit of the public. Who are they trying to kid!!

[dotpoom]

If it's less than 10,000 it's safe then?

[shaurene]

Sounds like another Government scam.

some years back I abd a friend formed a business, our lawyer sent us to an SCB bank to open an account. We opened it with 20k we used  10k with left 10k. My friend went his own way and I took over due to him owing me money.

i received a letter from SCB after 2 yrs to say the account had been closed and the 10k just vanished never to be returned.

[scotchonrocks]

3 hours ago, AGareth2 said:

This just seems wrong to me

 

No kidding? 

 

If it were a business or private person that did this, it would be called a crime!