Joint bank account requiring only 1 signature

[mhortig]

In America you can have a joint bank savings account in two names, but only requiring one signature for withdrawals, and if one person dies the money automatically is available to survivor. Do any Thai banks offer this?.  Currently we have a Joint account at UOB, but it requires two signatures to do anything, and if one person dies the survivor has to get court order (sounds very uncertain and complicated). I trust my wife but want to be on the account so if I or she dies first the money is readily available to the survivor. Any suggestions appreciated. If possible I would like Bangkok bank and have not spoken to them yet. Wanted to do a little homework first.

 

[macahoom]

 

This is very simple to set up in Thailand.

 

You tell them you want to open a joint account with either or signatories - the banks are familiar with this phrase. I have several accounts like this, in different banks.

 

In the event of one signatory dying, it's no problem for the surviving one to withdraw from the account. 

 

Note: If in doubt, talk to the bank about this; they're happy with it. I even asked, in several banks, "In the event of one joint account holder dying, do I need to inform you? Can the surviving account holder simply empty the account?" The answers were no and yes. 

Edited August 18, 2018 by macahoom

[macahoom]

 

Sorry!  I should have written that as either/or signatories.

 

Maybe someone else can chime in and confirm they also have either/or signatory joint accounts.

 

 

[Pib]

Yeap...all my Thai bank joint accounts  are either/or with the wife at Bangkok Bank and Krungsri Bank.

 

I would think (bet) UOB also offer either/or joint accounts....maybe the OP just unknowingly selected an "and" type account where both account holders signature are req'd...maybe just go to UOB and change it to an either/or account.

[macahoom]

1 hour ago, Pib said:

Yeap...all my Thai bank joint accounts  are either/or with the wife at Bangkok Bank and Krungsri Bank.

 

I would think (bet) UOB also offer either/or joint accounts....maybe the OP just unknowingly selected an "and" type account where both account holders signature are req'd...maybe just go to UOB and change it to an either/or account.

 

Yes, UOB do it. We have two joint accounts (fixed) and a basic savings account with UOB at the moment. All are either/or signatory.

 

We also have joint accounts (either/or signatory) with CIMB, Krungsri and GSB - both fixed and basic savings accounts. The GSB fixed one is actually the "lottery" account.

 

The OP should have no problem getting what he wants.

[TallGuyJohninBKK]

On the subject of either/or, just be careful not to rely on that kind of account for Thai Immigration's retirement or marriage extension bank deposit requirement. Immigration wants those kinds of accounts to be only in the name of the extension applicant.

 

[sanmyn]

Yes, you can open “either/or” accounts in Thailand but they are meaningless. I opened my accounts with my stateside daughter but when I went to withdraw, Bangkok Bank said it takes both signatures. 

They do NOT recognize Either/Or Accounts...

[macahoom]

45 minutes ago, sanmyn said:

Yes, you can open “either/or” accounts in Thailand but they are meaningless. I opened my accounts with my stateside daughter but when I went to withdraw, Bangkok Bank said it takes both signatures. 

They do NOT recognize Either/Or Accounts...

 

Nonsense!

 

I regularly do transactions, including withdrawals, on my accounts using only my signature. My girlfriend, who is the joint account holder, also does the same.

Edited August 19, 2018 by macahoom

[lopburi3]

56 minutes ago, sanmyn said:

Yes, you can open “either/or” accounts in Thailand but they are meaningless. I opened my accounts with my stateside daughter but when I went to withdraw, Bangkok Bank said it takes both signatures. 

They do NOT recognize Either/Or Accounts...

As said they do not require both signatures and each account holder can have debit card in their own name - were you perhaps trying to close account?  They indeed do have accounts that require both signatures so perhaps was set up as such?

[khunPer]

On 8/18/2018 at 4:22 AM, mhortig said:

If possible I would like Bangkok bank and have not spoken to them yet.

No problem, I have several accounts like that, including Bangkok Bank; the banks are used to it.

[Mister T]

We have Kasikorn and BKK bank joint accounts, both either to sign. When I submitted my new passport number to update, they wanted wife to present her ID as well.

[Jonmarleesco]

Yes. Kasikorn, to start. But most, if not all, I should have thought.

[Jingjock]

On ‎8‎/‎18‎/‎2018 at 9:22 AM, mhortig said:

I trust my wife

Famous last words said, your a fool if you do this

[scorecard]

18 hours ago, macahoom said:

 

Sorry!  I should have written that as either/or signatories.

 

Maybe someone else can chime in and confirm they also have either/or signatory joint accounts.

 

 

I'm aware that K bank and BBL have joint savings accounts; only one signature needed or both signatures needed, up to the customer to indicate on starting the account.

 

Also aware at both above banks the two parties can be related or unrelated, can be Thai and non-Thai.

 

 

 

 

[scorecard]

3 hours ago, lopburi3 said:

As said they do not require both signatures and each account holder can have debit card in their own name - were you perhaps trying to close account?  They indeed do have accounts that require both signatures so perhaps was set up as such?

It's up to the two parties who own the joint account to indicate at the sesion to open the account if they want the account to operate as both parties must sign or one party can sign. 

 

The above is the decision purely of the account owners, nothing to do with the bank. 

 

I also comment that I'm aware of Thai bank staff telling customers things which are not correct. Example: 'It's now the policy of the Bank of Thailand that all new savings accounts have to have an ATM card'.

 

Not true, I called BOT and checked. 

 

 

 

[Pib]

4 hours ago, sanmyn said:

Yes, you can open “either/or” accounts in Thailand but they are meaningless. I opened my accounts with my stateside daughter but when I went to withdraw, Bangkok Bank said it takes both signatures. 

They do NOT recognize Either/Or Accounts...

All of my Bangkok Bank accts are either/or with the wife....I withdrawal all the time with only my signature...vice versa for the wife.  I expect you actually set your up as an "and" account.  

[oobar]

A caution if the joint account holders are not legally married:  My farang friend lost his Thai partner to a sudden stroke.   He went to the bank and checked to see that he would be able to continue using the account as before, and he was correctly assured that he could.  However, he wasn't the next of kin, so the following day, his partner's uncle, who was next of kin, went to the bank with a lawyer and legally cleaned out the account of more than B300,000, all of which had been deposited by my friend.

[Pib]

A caution if the joint account holders are not legally married:  My farang friend lost his Thai partner to a sudden stroke.   He went to the bank and checked to see that he would be able to continue using the account as before, and he was correctly assured that he could.  However, he wasn't the next of kin, so the following day, his partner's uncle, who was next of kin, went to the bank with a lawyer and legally cleaned out the account of more than B300,000, all of which had been deposited by my friend.

I find this story missing some details because unless the uncle was a joint account owner on the account no one could have withdrawn money until going thru the court probate process which would definitely take more than one day.

[DJ54]

Lost then found our BKK bank book. We have a joint account.

to get a new bank book both parties have to sign for new bank 

book and/or ATM. 

[oobar]

On 8/19/2018 at 4:59 PM, Pib said:

I find this story missing some details because unless the uncle was a joint account owner on the account no one could have withdrawn money until going thru the court probate process which would definitely take more than one day. 

That's what I thought, too, but he was not a joint-account holder, and he did indeed empty the account.  I asked an attorney about this and was told it could happen.  Go figure.

[scorecard]

On 8/19/2018 at 4:59 PM, Pib said:

On 8/19/2018 at 4:30 PM, oobar said:

A caution if the joint account holders are not legally married:  My farang friend lost his Thai partner to a sudden stroke.   He went to the bank and checked to see that he would be able to continue using the account as before, and he was correctly assured that he could.  However, he wasn't the next of kin, so the following day, his partner's uncle, who was next of kin, went to the bank with a lawyer and legally cleaned out the account of more than B300,000, all of which had been deposited by my friend.

I find this story missing some details because unless the uncle was a joint account owner on the account no one could have withdrawn money until going thru the court probate process which would definitely take more than one day.

 

I asked my lawyer because we have some concerns about 'salivating uncles, and more' in our family. Lawyer said 'not that simple':

 

- If the deceased left a valid will bequeathing the deceased share to the surviving joint account party then laws about NOK etc., are irrelevant. 

- The remaining money in the bank is seem by some banks as under the control of the surviving party, but this is in dispute by some banks. BOT has no policy on this subject.

- If an uncle & lawyer tried to clean out the account the bank manager should insist on a copy of a court order.

- If the law was applied strictly the whole account should be frozen, by the bank, on the death of one party and not opened until a court order was received.

- Some judges might punish the surviving party if that party did not immediately inform the bank of the death of the other party.

- A court order would normally take several weeks or more to be issued

 

Edited August 20, 2018 by scorecard

[oobar]

1 hour ago, scorecard said:

 

I asked my lawyer because we have some concerns about 'salivating uncles, and more' in our family. Lawyer said 'not that simple':

 

- If the deceased left a valid will bequeathing the deceased share to the surviving joint account party then laws about NOK etc., are irrelevant. 

- The remaining money in the bank is seem by some banks as under the control of the surviving party, but this is in dispute by some banks. BOT has no policy on this subject.

- If an uncle & lawyer tried to clean out the account the bank manager should insist on a copy of a court order.

- If the law was applied strictly the whole account should be frozen, by the bank, on the death of one party and not opened until a court order was received.

- Some judges might punish the surviving party if that party did not immediately inform the bank of the death of the other party.

- A court order would normally take several weeks or more to be issued

 

The bank knew of the death, but went along with the withdrawal.  Unfortunately the 300k theft was the least of it.  Everything was in the name of my friend's partner, so the uncle also got two cars, two furnished houses and forty rai of rubber trees.  Very poor planning on my friend's part of course, especially since the greed level of the uncle was long apparent. 

[Pib]

Since the uncle had all the right paperwork to get the cars, houses, land, etc., I expect he had the right paperwork for the bank withdrawal.  Paperwork from the court.  Yes (and unfortunately) poor panning on your friend's part.   

[lopburi3]

9 minutes ago, Pib said:

Since the uncle had all the right paperwork to get the cars, houses, land, etc., I expect he had the right paperwork for the bank withdrawal.  Paperwork from the court.  Yes (and unfortunately) poor panning on your friend's part.   

Post says the following day so if close to death such legal paperwork would not have been available and from previous reports bank is not supposed to release to anyone (including marriage partner) until such paperwork is presented (although often will if plea made - and expect this may have been such a case - to pay funeral expenses).  Suspect bank could be held liable but would likely cost more than it was worth as this seems to have been rather minor compared with what was knowingly lost. 

[Pib]

5 minutes ago, lopburi3 said:

Post says the following day so if close to death such legal paperwork would not have been available and from previous reports bank is not supposed to release to anyone (including marriage partner) until such paperwork is presented (although often will if plea made - and expect this may have been such a case - to pay funeral expenses).  Suspect bank could be held liable but would likely cost more than it was worth as this seems to have been rather minor compared with what was knowingly lost. 

There is indeed a provision for withdrawal from a decreased Thai bank account to cover certain immediate expenses....I stumbled up on it one time while googling Thai banking policies.  Don't quote me but I think it was up to Bt150K if the required paperwork was provided....may try to google to see if I can stumble upon it again.

[Pib]

Now below from the Bangkok Bank website is "not" what I was talking about for a Thai citizen; but for a farang.  It talks the required paperwork, but I'm sure the process and much of the paperwork would be the same.  Will google some more as I have time regarding withdrawal for funeral expenses of a Thai.