Thailand defends plan to transfer money from idle accounts to treasury

[webfact]

Thailand defends plan to transfer money from idle accounts to treasury

Reuters Staff

 

File photo

 

BANGKOK, (Reuters) - A planned Thai law allowing the transfer of money from bank accounts left inactive for more than 10 years to the treasury “will be in the public interest”, the finance minister said on Thursday.

 

The move would help reduce the government’s borrowing costs in maintaining the treasury level, Apisak Tantivorawong told reporters.

 

“Those accounts parked with the government will be useful for the public as they can be counted as treasury money,” he said.

 

“But I can confirm that it’s not seizing people’s money as reported,” he said, adding account owners or their heirs would be able to reclaim the money at any time.

 

Money in long-dormant accounts is estimated at about 10 billion baht ($302 million), ministry official Suwit Rojanavanich said earlier this week.

 

The ministry plans to seek cabinet approval for the law in December after seeking public opinion.

 

($1 = 33.11 baht)

 

(Reporting by Kitiphong Thaichareon; Writing by Orathai Sriring; Editing by Nick Macfie)

 

-- © Copyright Reuters 2017-11-03

[starky]

It is not seizing money, it is not seizing money, you are starting to feel sleepy... It is not stealing, whoops, seizing money. Let the brainwashing continue poor old Thailand.

[Dave67]

“Those accounts parked with the government will be useful for the public as they can be counted as treasury money,”

 

Useful to public Bull Shit

[rkidlad]

Yes, the government can buy more war toys to keep the people happy. Not happy? You’ll see these overpriced war toys first hand, then. 

 

This is stealing. 

[ezzra]

It starts with dormant account that 'could be useful to the government'

for 10 years, later on, it will continue with inactive accounts of 5 years,

soon, the government will see fit to use other form of assets to convert

to cash, 'just to use'.. where will it stops no one knows...

[chowny77]

If this is enforced I can see a lot of problems with foreigners and immigration's need for us to keep our money in Thai bank accounts. Seriously, what has the finance minister been drinking or taking? Regardless of how long an account has stood idle, surely they can not just wade in and confiscate it as it is not their property and the bank that allows them will lose all iit's customers.

[tracker1]

7 minutes ago, chowny77 said:

If this is enforced I can see a lot of problems with foreigners and immigration's need for us to keep our money in Thai bank accounts. Seriously, what has the finance minister been drinking or taking? Regardless of how long an account has stood idle, surely they can not just wade in and confiscate it as it is not their property and the bank that allows them will lose all iit's customers.

I thought the same thing myself about the 800.000 or 400,000 just sitting there as so called security !

[Dave67]

if you stick that

5 minutes ago, tracker1 said:

I thought the same thing myself about the 800.000 or 400,000 just sitting there as so called security !

Put it in a time deposit the activity will be the yearly interest

[mark01]

Once they bring in another generic, vague law it can be used in the future for whatever they want, without needing any new laws passed.

 

This is why the  penalties for breaking laws are so messed up, with possible imprisonment for minor infringements and hundred baht fines for serious crimes.

[yellowboat]

2 hours ago, webfact said:

The ministry plans to seek cabinet approval for the law in December after seeking public opinion.

The public would be foolish to allow such thievery. 

 

2 hours ago, webfact said:

The move would help reduce the government’s borrowing costs in maintaining the treasury level, Apisak Tantivorawong told reporters.

And let the government manage their own money without the mis managing that of others.  The move would disastrous. 

 

2 hours ago, webfact said:

“But I can confirm that it’s not seizing people’s money as reported,” he said, adding account owners or their heirs would be able to reclaim the money at any time.

Any time after an unmentioned waiting period.  They fail to say when it will be returned.  On top of that, you would have to open an account. What a hassle. 

 

More reasons to avoid Thai officialdom.  Keep your transactions there quick and simple and be ready to walk away at any time. 

[JAG]

I wonder when/if that Laotian who won the lottery jackpot will become "dormant"?

48 hours after he deposits the cheque?

Sent from my KENNY using Thailand Forum - Thaivisa mobile app

[JAG]

I wonder when/if that Laotian chap who won the lottery jackpot's account will become "dormant"?

48 hours after he deposits the cheque?

Sent from my KENNY using Thailand Forum - Thaivisa mobile app

Sent from my KENNY using Thailand Forum - Thaivisa mobile app

[phantomfiddler]

Legal robbery, but what else can one expect here ! This will most likely only be applied to accouunts in farang names

[YetAnother]

1 hour ago, tracker1 said:

I thought the same thing myself about the 800.000 or 400,000 just sitting there as so called security !

and i believe this is low-hanging fruit for immigration; due to the ultra-conservative moods prevalent now, i believe thailand will up these thresholds;

add on 'processing fees' for the 90 day...these are just too easy grabs

[Valentine]

I have had dormant (not been used for a long time) accounts in the past but the bank always sends out notification that the account will be closed & even then still allows plenty of time to act.

[sungod]

Nice to see some of you are so rich can leave your money dormant for 10 years.

 

If you do want to just leave it there earning nothing, taking out 20 baht at the bank once every 10 years isn't asking much.

 

Right, lets move on to the next thread that has nothing to do with me, see what i can find there to moan about. Moaning for moaning's sake in my books.

Edited November 3, 2017 by sungod

[David Walden]

4 hours ago, starky said:

It is not seizing money, it is not seizing money, you are starting to feel sleepy... It is not stealing, whoops, seizing money. Let the brainwashing continue poor old Thailand.

Its been that rule in Australia for a long time.  If you don't use it you lose it.  Probably the same in most countries in the World.  Thailand  well TIT?

[DrPhibes]

6 hours ago, ezzra said:

It starts with dormant account that 'could be useful to the government'

for 10 years, later on, it will continue with inactive accounts of 5 years,

soon, the government will see fit to use other form of assets to convert

to cash, 'just to use'.. where will it stops no one knows...

Exactly what happened in California.  Went from 15yrs to 10 to 7 to 3 and there was almost a 1yr dormant account law!  They were drilling safe deposit boxes even though the rent on the box was paid to date.  The State Controller had to step in and say there would be no more enforcement until a way was in place to look up dormant accounts and 3 yrs was it for the limit.  Now you can look up online via name, city,  or SS#, then start collection via online application.  Sad on things like stock or hard items since you get what the state sold it for not the real value.  For some states, it actually a good chunk of their revenue.  Here is a good recent article on what is happening in the US.

 

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

[natway09]

The Government should let Juristic Persons also sell an apartment that has not been used or

owners contactable after 15 years with the outgoings due not paid.

This non appearance affects all the other owners in the apartment block who have to pay higher fees to cover costs.

Juristic person auctions the apartment, takes the arrears of outgoings & then places any extra/over

in an account which after being dormant for 10 years the Government can have.

[baansgr]

6 hours ago, tracker1 said:

I thought the same thing myself about the 800.000 or 400,000 just sitting there as so called security !

I always have to drawor deposit 50 baht or so when requesting an update for immigration, so accounts used for visas are only inactive maximum 12 months 

[FritsSikkink]

Most people complaining here don't even know the same rule applies in their own country.

 

https://www.bing.com/search?q=dormant+account+regulations&FORM=QSRE1

[KBsinter]

Dormant accounts in USA, in excess of 40 billion, jeez ??

[Dap]

The move would help reduce the government’s borrowing costs in maintaining the treasury level, Apisak Tantivorawong told reporters.

 

Would that be the same "Treasury Level" that somehow depleted itself so drastically ... so recently? Just askin'

Edited November 3, 2017 by Dap

[Skeptic7]

3 hours ago, FritsSikkink said:

Most people complaining here don't even know the same rule applies in their own country.

 

https://www.bing.com/search?q=dormant+account+regulations&FORM=QSRE1

True, but in the USA the money can be recovered decades later. Indefinitely in many/most cases. Doubt that will be the case here in Scamland. 

[YetAnother]

42 minutes ago, Skeptic7 said:

True, but in the USA the money can be recovered decades later. Indefinitely in many/most cases. Doubt that will be the case here in Scamland. 

i have one of these accounts; not touched in 8 years; purpose is to satisfy retirement extension asset requirements; ( i believe the requirement will go from 800k to 1M or even as high as 3M);

this account is as legitimate as can be; other accounts are spending accounts

so...i guess i will have to go and deposit 1 baht

[NeoDinosaw]

10 hours ago, Valentine said:

I have had dormant (not been used for a long time) accounts in the past but the bank always sends out notification that the account will be closed & even then still allows plenty of time to act.

I had 100 Baht in my SCB savings account in 1976.  I thought it would now have increased considerably with the accrued interest.  But when I presented my Savings book to a branch of SCB to get  it up-dated in 2009, the girl serving me just laughed and said the account was closed !   But I never closed it !!   Pure and simple robbery.

Edited November 3, 2017 by NeoDinosaw

[sungod]

4 minutes ago, NeoDinosaw said:

I had 100 Baht in my SCB savings account in 1976.  I thought it would now have increased considerably with the accrued interest.  But when I presented my Savings book to a branch of SCB to get  it up-dated in 2009, the girl serving me just laughed and said the account was closed !   But I never closed it !!   Pure and simple robbery.

Yeah, missed out on your retirement nest egg there.

 

You could look at it from the other side though, could have hit you with 30 years of charges....

[twig]

On 11/2/2017 at 8:16 PM, chowny77 said:

If this is enforced I can see a lot of problems with foreigners and immigration's need for us to keep our money in Thai bank accounts. Seriously, what has the finance minister been drinking or taking? Regardless of how long an account has stood idle, surely they can not just wade in and confiscate it as it is not their property and the bank that allows them will lose all iit's customers.

Legally, this is not theft in any country, as far as I know.

One of the best kept secrets of the banks is that once you put your money in a bank, it ceases to be your money; it become the liability of a bank to you, on which the bank can default under a wide variety of circumstances. That's why banks can invest "your" money in all kinds of risky stuff.

 

I agree that this is blatantly unethical though. That's why in this day and age of laughable interest and hidden inflation rates, seems best to just keep money in your own safe or a private company safe deposit box.

Throughout history worldwide, the biggest thefts of valuables from the population were always perpetrated by government gangs.

In the "Land of the Free", for example, in 1933 under FDR, the government gang just decided to confiscate privately held gold in return for sub-market amount of government fiat. It was illegal to own gold bullion for 40 years, until it was demonitized...

 

For the technologically inclined, who can store it properly, these new cryptocurrencies  can prevent this kind of theft. You'll miss out on bank interest, but might actually get more value over time, because they are deflationary. If you do it carefully, it's harder to lose or have it stolen than any "real" asset.

 

Folks used to store a lot of valuables themselves in previous generations, because they didn't trust the banks for these very shenanigans.

I think "being your own bank" is coming back, and rightly so.

 

[55Jay]

1 of my 2 MTD accounts with Krungsi got frozen a few months ago for lack of activity.  Both receive automatic interest payments but that doesn't count, apparently.  Had to go to the branch with passport and they re-activated it.  I didn't receive any notification.  My first and only indication there was a problem was the account disappeared from my internet banking login. 

 

I maintain 2 or 3 back up accounts in the US. Once a year I transfer $25 into them, just to show activity. 

[Deez]

Headline should read...."Government Defends Plan To Steal Citizens Money"