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

[Peterphuket]

6 hours ago, toybits said:

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).

 

If it is true, I'm not surprised.

At the moment it is the second country what buying military goods like tanks, submarines, and all that stuff.

Wonder what they are afraid of, war with N-Korea??

[Grumpy Duck]

19 minutes ago, fred110 said:

They probably withdraw the interest once in a while like I used to.

Withdrawing interest is activity, not subject to seizure perhaps. Maybe automatic transfer of interest earned will work also?

[Jimbo53]

How about the banks show transparency,and publish the account names,with funds in them of a minimum value of  Bht 100.000 >,along with the account holder country of origin.

But then again,that would be proactive,and detrimental to their objective,as would be checking with the holders consular official,to ascertain if they are still on Terra Firma,and enable contact of family/heirs through them...T.I.T.

[LionofMedaCM]

The Thai Job, anyone watched the Italian job?

[NextStationBangkok]

1 hour ago, Jip99 said:

 

 

They are already frozen.....

Now they are quoting non-transaction accounts, it is one of them holding major cash.

[Grumpy Duck]

4 minutes ago, Peterphuket said:

If it is true, I'm not surprised.

At the moment it is the second country what buying military goods like tanks, submarines, and all that stuff.

Wonder what they are afraid of, war with N-Korea??

I agree, why would a nation that had minimal military actions need to build up an already large military force? As I understand the last invasion of Thailand was the Japanese invasion in WWII. 

[Regyai]

18 minutes ago, Peterphuket said:

.................

Wonder what they are afraid of, ............??

 

 

Elections?

[catman20]

7 hours ago, robblok said:

Sounds like thievery. 

So tell me what's new in Thailand 

[Nemesis7]

Isnt Thailand Amazing? Why not to siege the money the politicians embezzled from public and give those money back.

[scorecard]

7 hours ago, ib1b4 said:

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

 

And It's standard practice in many countries, for decades. 

[Techno Viking]

49 minutes ago, johnarth said:

I can remember the gov talking about doing this in Australia several years ago. One thing they did was to spend much of super money, they sent a couple of companies broke, one of my mates lost thousands, he showed me the letter he got, they didn't even say they were sorry. 

Yeah the Aus government scooped up a decent wad of cash !!

 

http://www.smh.com.au/national/canberra-reaps-360m-from-inactive-bank-accounts-20140609-39t8p.html

 

 

[Bantex]

 
 
I do.
 
My money is in the UK.
 
 
I live in Thailand.
 
 
Not difficult to comprehend, mai?

Likewise I also keep the bulk of my money in the UK where it is government guaranteed up £50,000 per bank. The UK banks contact their customers if accounts are idle. I get around idle accounts by having more than one account, each with a small monthly standing order to the other and back again. I can access my UK accounts online and get any bank letters / notices online.


Sent from my iPad using Thailand Forum - Thaivisa mobile app

[DrPhibes]

So, in the US, this is a State issue. Each of the 50states has their own laws on taking dormant assets. in a couple of states, this "revenue" accounts for 20% of the state overall budget income.  It was about 15 years in CA, then all the way down to 3 years, and they were going after 1 year until the State Supreme Court ordered no more seizure until a better system of tracking ownership was in place.  Now you can search online to see if any unclaimed property that might be yours.  Here is an article on the subject:

 

https://www.cnbc.com/2016/03/29/hungry-for-revenue-states-hanker-for-unclaimed-assets.html

[glasswort]

7 hours ago, cooked said:

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.

 

Several years ago when I was working for a Thai/Japanese company in Thailand to enable my salary to be paid I was forced to open an account with SCB at the same branch as the my employer. Unfortunately the branch is in the wilds of Samut Prakarn. I have received a couple of letters from SCB warning me that the account is now dormant and I am likely to lose the money that remains in the account. I have visited SCB in Pattaya but have been advised that to reactivate the account and then close it will mean a visit to the branch where the account is held. As far as I am concerned this is not an option (not for THB3000 ayway). Basically what I am saying is that banks taking money from dormant accounts is nothing new.

[ratcatcher]

3 hours ago, helloagain said:

What the hell. I never touch 800000 baht cos i need it for my visa. Also 320000 baht of that it frozen so i can enjoy a credit card. How dare they. What a flaming country we live in

Actually, you probably don't even have a visa anymore. what you do have is the necessary funds in your account to enable you to extend your annual permission to stay in this flaming (hot?) country in which you have chosen to live.

Fear not. 

[SupermarineS6B]

Jesus H !   I always knew they'd eventually get round to robbing banks, this is why i never keep too much in Thai banks...... The lads must be getting ready to run..... fill your pockets boys, the gigs up .........

[wvavin]

A legalized thief, only happens in Thailand.

[uffe123]

Lesson to be learned, don't keep any more money in any Thai bank account then you can afford to loose. After-all they have to pay for the submarines and the bullet trains which will run empty because no one can afford the fare.

Second, don't buy any property in Thailand or the same can possibly happen, The military answers to no one, they do as they please.

[Jip99]

1 hour ago, Bantex said:

 

Likewise I also keep the bulk of my money in the UK where it is government guaranteed up £50,000 per bank. The UK banks contact their customers if accounts are idle. I get around idle accounts by having more than one account, each with a small monthly standing order to the other and back again. I can access my UK accounts online and get any bank letters / notices online.


Sent from my iPad using Thailand Forum - Thaivisa mobile app

 

 

 

Even better than you thought Bantex.... the guarantee was increased to £85,000 some time ago. ?

[Formaleins]

9 hours ago, cooked said:

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.

 

There is a HUGE difference in stealing money from poor Thai's as opposed to trying to get a cent out of a Jew that may have been dead for 50 years, the minute you touch their cash there will be screams of Anti Semitism, Holocaust denier, then suddenly, they will have 20 relatives claiming you robbed them! The compensation claims will make the original amount look like chicken feed and if you dare to question it, you or your bank/company will be blacklisted and financially ruined as being a Nazi sympathizer.

[digger70]

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

So is the Government given the Billions to the Poor people or are the going to Pocket the money Themselves?? 

One Guess, being Thailand ,,,We all know the answer,,,

[coulson]

8 hours ago, Dipterocarp said:

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.

Guaranteed no chance of retrieval in this case 

[coulson]

8 hours ago, Dipterocarp said:

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.

Guaranteed no chance of retrieval in this case 

[stephen tracy]

5 hours ago, Jip99 said:

 

 

You think that this does not happen in other countries ?

 

In the UK it certainly does. In 2011 it was estimated that " between £130 million and £150 million is currently lying in dormant accounts with building societies".

Yeah but in the UK it actually does go back to the public coffers… not in Thailand.

[stephen tracy]

4 hours ago, Surasak said:

With trains and boats and possibly planes to pay for,  we shouldnt be surprised.

Surely you mean tanks, armoured cars, subs and golf clubs? Sorry I meant bomb detectors 

[stephen tracy]

4 hours ago, mfd101 said:

Why? Seems perfectly sensible to me. Money sitting 'idle' in a bank - particularly if not earning interest - is of no use to anyone. Money needs to circulate in the economy as a national asset, to everyone's benefit.

 

If my (Thai) family are anything to judge the local situation by, there will be millions of unused accounts all over the place with a few baht left in each one. They just walk away as they move on along life's path. Too much trouble to close it down or transfer it. Just open another.

 

A bit like the people who change their phone number every other week, for 'goo lak'.

It wont be for "everyone's" benefit.

[stephen tracy]

2 hours ago, Grumpy Duck said:

I agree, why would a nation that had minimal military actions need to build up an already large military force? As I understand the last invasion of Thailand was the Japanese invasion in WWII. 

To intimidate the public when they finally get fed up enough to come out onto the streets and demand that feudal system perpetuated by the elites and safe-guarded by the man-child come to and end. 

[Jip99]

1 hour ago, stephen tracy said:

Yeah but in the UK it actually does go back to the public coffers… not in Thailand.

 

No it doesn’t, “unclaimed balances”  are retained by individual banks.

[stephen tracy]

3 minutes ago, Jip99 said:

 

No it doesn’t, “unclaimed balances”  are retained by individual banks.

I stand corrected

[Si Thea01]

11 hours ago, ratcatcher said:

Actually, it's called Bank Robbery.

It's funny, back a few decades it was all the go to rob the banks, now they're getting their own back and have reversed it, only they are doing it legally and don't have to wear masks.