Bank Account Validity

[ravip]

Is there a 'validity' period for a bank account that has not been used for some time?

For example, if a savings account does not have any transactions for a period of 2 years, can it be operated normally from the 3rd year onwards?

 

Edited February 21, 2018 by ravip

[speedtripler]

No, some  Thai banks (kasikorn closed mine)   close accounts that haven't transacted in 12-24months (inwards or outwards, and they can also freeze atm cards that are never used after a certain period ) 

 

If you have spare accounts it's best to go in once a year and lodge a few thb to keep the account open 

 

You can go outside 2 min later and take it out of the atm if you like tho.... 

 

 

[allane]

One year appears to be the period stipulated by the Bank of Thailand, though I am unable to cite a source for that. In recent years, some banks have introduced a minimum balance requirement (B 2000.00 seems to be a common figure), and a monthly maintenance fee (B 50 seems common) which kicks in if there has been no account-holder generated activity for a year. (Service charges and interest payments do not count as activity).

I don't know for what period of time the banks are required to hold the account-holder's funds. I once let an account lapse for over a year, but by walking into the bank, (home branch) I was able to get it re-activated.

[speedtripler]

50 minutes ago, allane said:

One year appears to be the period stipulated by the Bank of Thailand, though I am unable to cite a source for that. In recent years, some banks have introduced a minimum balance requirement (B 2000.00 seems to be a common figure), and a monthly maintenance fee (B 50 seems common) which kicks in if there has been no account-holder generated activity for a year. (Service charges and interest payments do not count as activity).

I don't know for what period of time the banks are required to hold the account-holder's funds. I once let an account lapse for over a year, but by walking into the bank, (home branch) I was able to get it re-activated.

They  deactivate  unused debit cards too so you should use it once or twice a year if you have any spare accounts that aren't your daily spending one.... 

[animalmagic]

In UK legislation was introduced in 2009 to permit the Govt to take cash from 'dormant' bank accounts; however there are still ways to claim it back but it takes a lot of time and effort.  Time taken for accounts to be declared dormant vary according to type of account but it is mainly based on extended periods of inactivity over a year.  This, coupled with no response to correspondence, start the process.

I'm not sure if similar legislation is in force here but it is always advisable to keep the accounts active through manual transactions such as ATM procedures or payments in and out; automated debits and credits do NOT fit the bill.  Logging online to an account may be acceptable.............I think.

http://www.mylostaccount.org.uk/ is where you check on your UK accounts.

A good friend of mine had this situation with two separate deposit accounts and it took ages to get the money and account reinstated.

[mike324]

Bank account will get lock, you will have to go in the bank to deposit some money for it to be reactivated.

[Amplish]

I just went to my bank last week (Bangkok Bank) to transfer some money from my personal savings account and my wife asked me to check on an old joint account we have. Because there will be a law soon (I heard April) that allows the government to close dormant accounts and confiscate the deposits. We hadn't looked at that account since 2011, no transactions at all. There was no issue whatsoever, it just took a while to print all the backlog information on interest payments.

 

So, I guess it depends on the bank and possibly the branch. I asked if there was any policy to close dormant accounts and they said that was only for accounts with low balance. Our dormant account has around 80,000 Baht in it, so perhaps that was what saved it. It is probably best to check with whatever bank you're with.

[Pib]

The general rule for dormant accounts which Thai banks follow is when the account drops below a Bt2,000 balance "and" there is not "owner-initiated" activity for 12 months such as a deposit, withdrawal, or transfer the bank will begin to charge a month maintenance fee of around Bt50/month until the account balance reaches zero and then the account is closed.   "Bank-initiated" activity to your account such as an interest payment, annual debit card fee, etc., does not count as user activity.

 

Above is Bangkok Bank's current policy now and even 9 years ago also when they first sent me a letter saying such because they hadn't seen any activity on one of my savings accounts with them for 12 months with was below Bt2,000 balance.  It was an account I only had a few hundred baht in and just hadn't transferred any fund into/out of for over a year.  To fix the issue, I used my Bangkok Bank ibanking to transfer some more funds into the account and they were know happy but I later transferred it out to below Bt2,000 again...but now I'm once again just keeping "over" Bt2,000 in it to avoid me forgetting to generate some user activity every 12 months.   Someone might be thinking why do I even keep this account open since I have other Bangkok Bank savings accounts, well, this is a special Direct Deposit savings account for U.S. govt benefit payments that I stopped using years ago, but have kept it open with a low balance in case I need to start using it again for U.S. govt payments.  

 

See their policy at this Bangkok Bank weblink regarding how they handle dormant accounts.  I'm sure you find other Thai banks have a very similar policy as it just the general policy followed by Thai banks with variations such as the monthly fee they might charge.   And some banks may even have tighter policies in locations where there is a lot of farang turnover and their accounts seem inactive and have a low balance....Thai banks are just not to fond of low balance, inactive accounts.

 

Letting an account balance stay below Bt2,000 for over 12 months just puts the account in the bank cross-hairs for review.   If opening an account and knowing you will not use it for over a year like maybe you are going back to the home country for a while leave "over" Bt2,000 in the account and be sure to keep in mind automatic charges/fees that might draw it below that Bt2,000 while you are gone like an annual debit card fee of several hundred baht.   Remember, the bank needs to see some "user" activity every 12 months when the balance drops below Bt2,000.

 

Below snapshot from a media release summarizes current rules/law for a dormant account "below" Bt2,000.   And a "proposed/draft" law also dealing with dormant accounts of "over" Bt2,000 but the account must be dormant for over 10 (ten) years....and any money the govt gets from a dormant account could be recovered by the former account owner or his/her heirs with the proper proof they were the account owner.

 

 

 

 

 

 

 

 

Edited February 22, 2018 by Pib

[thaibreaker]

In my experience, one year of no activity is the limit at Bangkok Bank. I have had two accounts closed that way.

Any activity has worked during that time, a new period of one year has startet after either using my cards or wiring money.

Edited February 22, 2018 by thaibreaker

[marquis22]

I had not used my Kaiskorn account since June 2015 and went in the other day and asked for an update on my bank book. They gave the book back showing interest added. Account not closed.

[ravip]

10 minutes ago, marquis22 said:

I had not used my Kaiskorn account since June 2015 and went in the other day and asked for an update on my bank book. They gave the book back showing interest added. Account not closed.

Maybe your account balance was >2K THB?

[marquis22]

1 minute ago, ravip said:

Maybe your account balance was >2K THB?

Yes x 20

[Pib]

Regarding K-bank they follow the same policy as Bangkok Bank....or should I say all Thai banks.   See below from K-bank fee schedule regarding an account inactive for over one year which has a balance of less than Bt2,000.  And once the inactive monthly fee drains the account to zero balance the account is closed. 

 

Now although below fee schedule says effective 20 Mar 17 don't think that's when the inactive account policy first started for K-bank...the date is just the date of their latest/current fee schedule.  Their inactive account policy has been on K-bank previously dated fee schedule for a long time....many years....because it's a general policy that Thai banks follow with slight variations.

 

Edited February 22, 2018 by Pib