DaiHard Posted November 20, 2017 Share Posted November 20, 2017 I am starting to get a bit concerned about SCB bank. Yesterday I tried to use the cardless atm and all went well until I pressed confirm at which point it said "communication error please try again later" and no cash came out. A moment later I got a message to say that the cardless atm was used successfully and the money was deducted from my account. I went into the bank and spoke to the call centre and they said they had been having trouble with the system and, finally, agreed that yes they do owe me the money and they'd pay it back "within 15 minutes". That was yesterday, 24 hours later it still hasn't been paid back - so I contacted the call centre and now they said they CAN'T pay it back until further notice as they are having trouble. Does anyone know what's going on? Link to comment Share on other sites More sharing options...
simoh1490 Posted November 20, 2017 Share Posted November 20, 2017 Siam Commercial Bank or Standard Chartered Bank? In the banking world, SCB refers to Standard Chartered which is by far the bigger of the two. Link to comment Share on other sites More sharing options...
MrPatrickThai Posted November 20, 2017 Share Posted November 20, 2017 No, but glad I sold my shares last month. Link to comment Share on other sites More sharing options...
Kinnock Posted November 20, 2017 Share Posted November 20, 2017 13 minutes ago, simoh1490 said: Siam Commercial Bank or Standard Chartered Bank? In the banking world, SCB refers to Standard Chartered which is by far the bigger of the two. Standard Chartered are not operating in Thailand any more - Tisco have taken over their retail branches. Link to comment Share on other sites More sharing options...
blackcab Posted November 20, 2017 Share Posted November 20, 2017 I wouldn't worry too much. Over 50 per cent of the bank is owned directly or indirectly by the Thai government and the Crown Property Bureau. I don't think the bank is going anywhere in a hurry. Link to comment Share on other sites More sharing options...
cyberfarang Posted November 20, 2017 Share Posted November 20, 2017 This seems to be the way these companies are going lately. They already have your money, fob you off and leave the customer high and dry. Unfortunately the OP is going to have to keep on their backs otherwise this could drag on forever. Link to comment Share on other sites More sharing options...
tonray Posted November 20, 2017 Share Posted November 20, 2017 I seriously doubt a sign a bank is in danger of failing is an ATM snafu...be patient and use a card next time. Link to comment Share on other sites More sharing options...
observer90210 Posted November 20, 2017 Share Posted November 20, 2017 I'm no financial fortune teller or guru....but just a reminder of the golden rule in Thailand.... ....never deposit in a bank or invest in real estate......more then what you can afford to loose....with that in mind, enjoy and stay safe !! Link to comment Share on other sites More sharing options...
Neeranam Posted November 20, 2017 Share Posted November 20, 2017 2 hours ago, observer90210 said: I'm no financial fortune teller or guru....but just a reminder of the golden rule in Thailand.... ....never deposit in a bank or invest in real estate......more then what you can afford to loose....with that in mind, enjoy and stay safe !! I totally disagree, I made a nice sum on land, in my wife's name, my house is worth double what it was 8 years ago. The SET is going well. Link to comment Share on other sites More sharing options...
observer90210 Posted November 20, 2017 Share Posted November 20, 2017 3 minutes ago, Neeranam said: I totally disagree, I made a nice sum on land, in my wife's name, my house is worth double what it was 8 years ago. The SET is going well. I can only say, glad for you my dear fellow poster. Link to comment Share on other sites More sharing options...
Neeranam Posted November 20, 2017 Share Posted November 20, 2017 2 minutes ago, observer90210 said: I can only say, glad for you my dear fellow poster. I also have got over10% interest on my Thai military bank SET50 mutual fund, plus a dividend. Link to comment Share on other sites More sharing options...
observer90210 Posted November 20, 2017 Share Posted November 20, 2017 2 minutes ago, Neeranam said: I also have got over10% interest on my Thai military bank SET50 mutual fund, plus a dividend. Even better my friend, but I guess that you may be Thai, married to a Thai lady and with a full residency enabling you to benefit from such schemes. Glad for you but perhaps many part-time farang residents would not be able to benefit from such offers. Link to comment Share on other sites More sharing options...
Neeranam Posted November 20, 2017 Share Posted November 20, 2017 2 minutes ago, observer90210 said: Even better my friend, but I guess that you may be Thai, married to a Thai lady and with a full residency enabling you to benefit from such schemes. Glad for you but perhaps many part-time farang residents would not be able to benefit from such offers. In a Scot, married but this account has nothing to do with my wife. Obviously tourists in any country can't open mutual funds. Link to comment Share on other sites More sharing options...
NancyL Posted November 22, 2017 Share Posted November 22, 2017 The OP talks about a "cardless" ATM. What is that? I Link to comment Share on other sites More sharing options...
simoh1490 Posted November 23, 2017 Share Posted November 23, 2017 (edited) 7 hours ago, NancyL said: The OP talks about a "cardless" ATM. What is that? I Thought transfer, it's a vulcan thing but it doesn't work for everyone. More seriously: Edited November 23, 2017 by simoh1490 Link to comment Share on other sites More sharing options...
Langsuan Man Posted November 23, 2017 Share Posted November 23, 2017 Well if SCB is true to form the next thing the OP will have to do is present himself to the local police office and report the loss and get a police report (this is what they do if you make a mistake doing an online banking transfer), take it to your HOME branch and then they will investigate it I would advise contacting the Office of the Consumer Protection Board but their web site suddenly will not accept registrations from foreigners and inexplicably the English download forms, so you can file a complaint by mail, doesn't work either. Oh, and they suddenly won't answer emails either http://www.ocpb.go.th/ewtadmin/ewt/ocpb_eng/ewt_news.php?nid=30# Link to comment Share on other sites More sharing options...
smutcakes Posted November 23, 2017 Share Posted November 23, 2017 On 11/20/2017 at 4:16 PM, observer90210 said: I'm no financial fortune teller or guru....but just a reminder of the golden rule in Thailand.... ....never deposit in a bank or invest in real estate......more then what you can afford to loose....with that in mind, enjoy and stay safe !! Thailand is one of the only countries in the World that the Government has never defaulted on Government bonds. How many banks have gone tits up in Thailand in compared to say umm America in the past 10 years. America has had 526. How about Thailand? Where do you keep your money? Link to comment Share on other sites More sharing options...
craigt3365 Posted November 23, 2017 Share Posted November 23, 2017 18 minutes ago, smutcakes said: Thailand is one of the only countries in the World that the Government has never defaulted on Government bonds. How many banks have gone tits up in Thailand in compared to say umm America in the past 10 years. America has had 526. How about Thailand? Where do you keep your money? You've got FDIC insurance for the first 100k in the US. How about here? Good luck with that. LOL. The big problem will be loss of value. Like in 1997. Huge currency losses then. And it's starting to rear it's ugly head again. I'll keep my money overseas. http://www.scmp.com/comment/insight-opinion/article/2111324/thailands-hot-money-problem-echoes-1997-asian-financial Link to comment Share on other sites More sharing options...
smutcakes Posted November 23, 2017 Share Posted November 23, 2017 5 minutes ago, craigt3365 said: You've got FDIC insurance for the first 100k in the US. How about here? Good luck with that. LOL. The big problem will be loss of value. Like in 1997. Huge currency losses then. And it's starting to rear it's ugly head again. I'll keep my money overseas. http://www.scmp.com/comment/insight-opinion/article/2111324/thailands-hot-money-problem-echoes-1997-asian-financial Currently deposits of up to 15 million baht are protected under the Deposit Protection Act. Do you have any clue about things in Thailand? Link to comment Share on other sites More sharing options...
simoh1490 Posted November 23, 2017 Share Posted November 23, 2017 http://www.dpa.or.th/main.php?filename=index___EN Link to comment Share on other sites More sharing options...
craigt3365 Posted November 23, 2017 Share Posted November 23, 2017 12 minutes ago, smutcakes said: Currently deposits of up to 15 million baht are protected under the Deposit Protection Act. Do you have any clue about things in Thailand? Be nice. Good luck collecting that if stuff hits the fan. Especially if you are a foreigner. A very good friend of mine lost his mate a few years ago. This guys farang wife has been trying for years to get back the 2M baht they have in a joint account. No joy so far. I'll stick with keeping my assets overseas. You should read this. Best of luck. http://www.thaiwebsites.com/deposits-insurance.asp Link to comment Share on other sites More sharing options...
smutcakes Posted November 23, 2017 Share Posted November 23, 2017 3 minutes ago, craigt3365 said: Be nice. Good luck collecting that if stuff hits the fan. Especially if you are a foreigner. A very good friend of mine lost his mate a few years ago. This guys farang wife has been trying for years to get back the 2M baht they have in a joint account. No joy so far. I'll stick with keeping my assets overseas. You should read this. Best of luck. http://www.thaiwebsites.com/deposits-insurance.asp Stick to the topic. You made an uninformed comment, you were pulled up on it. Up to you if you want to keep your assets abroad. I was just pointing out that the Thai Government and banking was no less sound than anywhere else. Link to comment Share on other sites More sharing options...
craigt3365 Posted November 23, 2017 Share Posted November 23, 2017 2 minutes ago, smutcakes said: Stick to the topic. You made an uninformed comment, you were pulled up on it. Up to you if you want to keep your assets abroad. I was just pointing out that the Thai Government and banking was no less sound than anywhere else. Did you read the link? The insurance will only be 1M baht very soon. Not the huge amount you previously posted. You made an uninformed comment, you were pulled up on it. Link to comment Share on other sites More sharing options...
smutcakes Posted November 23, 2017 Share Posted November 23, 2017 2 minutes ago, craigt3365 said: Did you read the link? The insurance will only be 1M baht very soon. Not the huge amount you previously posted. You made an uninformed comment, you were pulled up on it. "You've got FDIC insurance for the first 100k in the US. How about here? Good luck with that. LOL." The above was your quote. You are protected for nearly 5 times that amount. You are protected for that amount in 3 years if you separate it into 3 banks. 3-5 years is a long time. So your comment was "How about here?, Good luck with that. LOL" Well here you are currently protected for 15 million................ Link to comment Share on other sites More sharing options...
evadgib Posted November 23, 2017 Share Posted November 23, 2017 Meanwhile, back to cardless ATMs.... Link to comment Share on other sites More sharing options...
steven2018 Posted November 23, 2017 Share Posted November 23, 2017 Meanwhile, back to cardless ATMs....I believe there is a major bank in the US that has a card less option on ATM withdrawals - if you forget your ATM card, use their mobile app to get a temporary code that is used at the ATM machine. Sent from Android using Tapatalk Link to comment Share on other sites More sharing options...
craigt3365 Posted November 23, 2017 Share Posted November 23, 2017 25 minutes ago, smutcakes said: "You've got FDIC insurance for the first 100k in the US. How about here? Good luck with that. LOL." The above was your quote. You are protected for nearly 5 times that amount. You are protected for that amount in 3 years if you separate it into 3 banks. 3-5 years is a long time. So your comment was "How about here?, Good luck with that. LOL" Well here you are currently protected for 15 million................ Currently is correct. 10M next year, 5M after that and 1M after that. Much less than in the US. Which has a great financial system. Contrary to what you say. And is not part of this topic. Link to comment Share on other sites More sharing options...
steven2018 Posted November 23, 2017 Share Posted November 23, 2017 The FDIC bank insurance in the US is $250K per depositor. Sent from Android using Tapatalk Link to comment Share on other sites More sharing options...
observer90210 Posted November 23, 2017 Share Posted November 23, 2017 5 hours ago, smutcakes said: Currently deposits of up to 15 million baht are protected under the Deposit Protection Act. Do you have any clue about things in Thailand? My dear fellow please read this link from Bangkok Bank that clearly states on the 3rd points that non-resident THB accounts are not protected under the Deposit Protection Agency Act. So no point arguing, if one is not a full time resident, no security at all for the money. http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/Pages/InfoDepositProtection.aspx Link to comment Share on other sites More sharing options...
simoh1490 Posted November 23, 2017 Share Posted November 23, 2017 (edited) 5 hours ago, craigt3365 said: Did you read the link? The insurance will only be 1M baht very soon. Not the huge amount you previously posted. You made an uninformed comment, you were pulled up on it. If you look at the DPA link in post 20, the 1 million level is not forecast to kick in until 2020. Historically government has maintained the 15 million baht level and when it has come close to the scheduled date for it to be reduced, it has been extended - I expect fully this will happen again before 2020. But the point is well made that non-resident and foreign currency deposit accounts are not covered under the DPA scheme. And it's not a matter of being resident or non-resident full time, it's a matter of whether the account is a resident or non-resident account since residents may open either type. Edited November 23, 2017 by simoh1490 Link to comment Share on other sites More sharing options...
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