How secure are Thai bank accounts?

[marcusarelus]

9 minutes ago, TallGuyJohninBKK said:

 

The basic policy of Thai banks when it comes to bank card fraud is, the customer is responsible for ANY CHARGES that happen up until the moment you report a card lost or stolen or compromised to the bank. Meaning they'll lock or disable the card at that point. But you're typically on the hook for anything and all that occurs before that point.

 

A few years ago, I was on the BTS and someone lifted my wallet, which I discovered a few minutes later when I went to exit the BTS and found my pass (and wallet) were gone. In the approx one hour that it took me to get home and call my U.S. banks, the thief(s) had run up approx $1000 U.S. on one of my debit cards -- obviously without anyone checking IDs or signatures on my card when the thief was using it.

 

Because it was a U.S. debit card and because I had promptly reported the theft (meaning within 2 days of discovering it), after getting a copy of a police report, the entire $1000 was returned to my checking account by my card issuing bank, as per their customer "no fraud liability" policy for U.S. VISA and MC and the U.S. federal law that enforces that.

 

Had that stolen debit card been a Thai bank issued debit card, in all likelihood, as Wild Bill's friend experienced, the Thai bank would have told me sorry, your problem, and I would have been out the $1000.

 

That's the difference between a U.S. and a Thai bank card. And while the rules regarding bank accounts are different than those per se for bank cards, the same basic kinds of differences apply.  The story Wild Bill recounted above with his friend has been repeatedly endlessly here over the years with Thai banks. It often the case that their first and only response will be to blame the victim.

 

The only test of how to meaningfully measure the Thai banks when it comes to consumer protection is not to simply say I've lived her for X years and never had any problem. But instead, to ask, what happens to customers when they DO have a problem and become victims of fraud, and how are they treated by the Thai banks then. And in many cases, from my experience, it won't be a pretty picture. And the sad fact is, there are no Thai national laws that require the banks to do any better.

 

If you don't put a withdrawal limit on your account and have SMS notification you are stupid.  I suppose there is an endless supply of stupid people who open bank accounts in Thailand.  

 

One big  test to measure consumer intelligence is ask how they safeguard their bank accounts. 

 

You can trash Thailand again and again for not being a nanny state but the best answer is to educate the consumer how to safeguard their account. 

[watcharacters]

12 hours ago, chicowoodduck said:

I have a few shares, and that is why I never leave more than a few baht in my Thai bank account.....lol.....????????

 

Make that a very select group of LOVELY Americans, please..

 

My tax dollars paid after the fact to give those bastards bonuses so they could work on the mess they created.

 

Keep me out of your negative feelings if you will.

 

[TallGuyJohninBKK]

12 minutes ago, marcusarelus said:

If you don't put a withdrawal limit on your account and have SMS notification you are stupid.  I suppose there is an endless supply of stupid people who open bank accounts in Thailand.  

 

One big  test to measure consumer intelligence is ask how they safeguard their bank accounts. 

 

You can trash Thailand again and again for not being a nanny state but the best answer is to educate the consumer how to safeguard their account. 

 

My debit card did have a limit on it, a standard limit for such cards of $1000 in POS purchases per 24 hour cycle. Which is why the Thai thief was stopped when he/she got to the $1000 mark.  You're talking out of your head again... There was nothing more I could have done different than I did at the time, and that particular bank didn't offer SMS messaging for transactions. But since every single cent was returned to me, I don't really have anything to complain about. Unlike if it had been a Thai card.

 

And to get my funds restored, I didn't have to go begging and pleading, be told the local branch can't do anything and I'd need to go talk to the head branch, where I'd be asked if perhaps it was my GF or wife who'd taken my card and run up the fraudulent charges, or asked if perhaps I had been drinking prior to having my wallet swiped on the BTS, etc etc etc.  All par for the course here.

 

Edited October 21, 2018 by TallGuyJohninBKK

[marcusarelus]

10 minutes ago, TallGuyJohninBKK said:

 

My debit card did have a limit on it, a standard limit for such cards of $1000 in POS purchases per 24 hour cycle. Which is why the Thai thief was stopped when he/she got to the $1000 mark.  You're talking out of your head again... There was nothing more I could have done different than I did at the time, and that particular bank didn't offer SMS messaging for transactions. But since every single cent was returned to me, I don't really have anything to complain about. Unlike if it had been a Thai card.

Every Thai bank that I know of has SMS and the ability to request an OTP.  Wouldn't have happened to me in Thailand. 

Edited October 21, 2018 by marcusarelus

[Lacessit]

On 10/20/2018 at 11:16 AM, Chivas said:

My view is that the main thai banks are "secure" as regards collapsing and deposit coverage applies but what doesnt apply is random amounts disappearing from accounts (invariably ATM theft) and the highly likely not interested response from the bank concerned

As such I would never keep more than 50,000 in any thai bank no matter what the circumstances. I certainly would never in a million years keep 800,000 in one for visa purposes either. You gotta be certified if you do that

Utter twaddle. I've kept up to 2 million baht in two Thai banks for 9 years now.  Never had a problem.

So if you won't keep 800,000 baht in a bank for visa purposes, how do you get your visas? Don't tell me - you make a BS income declaration, or walk on the shadier side of the street. Good luck with that.

[simoh1490]

1 hour ago, TallGuyJohninBKK said:

 

The basic policy of Thai banks when it comes to bank card fraud is, the customer is responsible for ANY CHARGES that happen up until the moment you report a card lost or stolen or compromised to the bank. Meaning they'll lock or disable the card at that point. But you're typically on the hook for anything and all that occurs before that point.

 

A few years ago, I was on the BTS and someone lifted my wallet, which I discovered a few minutes later when I went to exit the BTS and found my pass (and wallet) were gone. In the approx one hour that it took me to get home and call my U.S. banks, the thief(s) had run up approx $1000 U.S. on one of my debit cards -- obviously without anyone checking IDs or signatures on my card when the thief was using it.

 

Because it was a U.S. debit card and because I had promptly reported the theft (meaning within 2 days of discovering it), after getting a copy of a police report, the entire $1000 was returned to my checking account by my card issuing bank, as per their customer "no fraud liability" policy for U.S. VISA and MC and the U.S. federal law that enforces that.

 

Had that stolen debit card been a Thai bank issued debit card, in all likelihood, as Wild Bill's friend experienced, the Thai bank would have told me sorry, your problem, and I would have been out the $1000.

 

That's the difference between a U.S. and a Thai bank card. And while the rules regarding bank accounts are different than those per se for bank cards, the same basic kinds of differences apply.  The story Wild Bill recounted above with his friend has been repeatedly endlessly here over the years with Thai banks. It often the case that their first and only response will be to blame the victim.

 

The only test of how to meaningfully measure the Thai banks when it comes to consumer protection is not to simply say I've lived her for X years and never had any problem. But instead, to ask, what happens to customers when they DO have a problem and become victims of fraud, and how are they treated by the Thai banks then. And in many cases, from my experience, it won't be a pretty picture. And the sad fact is, there are no Thai national laws that require the banks to do any better.

 

Go read post 47 again, nobody cares what happens in America which is all getting very old, the subject is banks in Thailand.

[Lacessit]

3 hours ago, TallGuyJohninBKK said:

 

The only test of how to meaningfully measure the Thai banks when it comes to consumer protection is not to simply say I've lived her for X years and never had any problem. But instead, to ask, what happens to customers when they DO have a problem and become victims of fraud, and how are they treated by the Thai banks then. And in many cases, from my experience, it won't be a pretty picture. And the sad fact is, there are no Thai national laws that require the banks to do any better.

 

The solution is fairly obvious, is it not? I have an Australian debit card for emergencies. I have only savings passbooks with Thai banks. I pay cash for everything.

I'd like to meet the person who can perpetrate a fraud on a savings passbook. They'd be smarter than Albert Einstein and Isaac Newton combined.

 

[fanjita]

On 10/19/2018 at 11:58 PM, wildwildbill said:

They said I need to keep at least 2000b in it and make a deposit every six months.

Not sure where the 2000 Baht minimum balance comes from as I've a Bangkok Bank savings account and for the majority of the year has much less than that as I live in the UK.

 

Semi-regular deposits I do agree with as inactivity will definitely kill the account off and usually within a year.

 

Also ensure to have sufficient balance to cover the various banking charges, which admittedly don't amount to much, but having insufficient funds is another surefire way to get your account closed.   

 

I've had the Bangkok Bank account for about nine years with internet banking and it's very easy to keep it active.

 

 

[chubby]

this part "and make a deposit every six months"  I doubt is true,   that or they aren't enforcing it  on my account ....

 

 

[marcusarelus]

3 minutes ago, chubby said:

this part "and make a deposit every six months"  I doubt is true,   that or they aren't enforcing it  on my account ....

I have accounts that I have not made a deposit in in 6 years no problem. 

[marcusarelus]

On 10/20/2018 at 2:13 PM, TallGuyJohninBKK said:

https://www.thaivisa.com/forum/topic/1059064-swedish-man-and-thai-wife-go-to-chaiyaphum-police-after-half-a-million-missing-from-bank-account/?tab=comments#comment-13404064

•  

 

 

 

The key phrase there is... "fed up with being fobbed off by their bank."

 

Certainly not the first, nor the last, time you'll ever hear that here.

 

I think I told you so. 

https://www.thaivisa.com/forum/topic/1065618-mystery-of-the-swedish-mans-empty-bank-account-it-was-a-thai-family-

 

[BritManToo]

On 10/21/2018 at 10:02 PM, Lacessit said:

The solution is fairly obvious, is it not? I have an Australian debit card for emergencies. I have only savings passbooks with Thai banks. I pay cash for everything.

I'd like to meet the person who can perpetrate a fraud on a savings passbook. They'd be smarter than Albert Einstein and Isaac Newton combined.

 

This, no ATM or internet access = no risk.

Passbook and photo ID at the bank counter is usually very secure.

[Ks45672]

On 10/20/2018 at 11:16 AM, Chivas said:

My view is that the main thai banks are "secure" as regards collapsing and deposit coverage applies but what doesnt apply is random amounts disappearing from accounts (invariably ATM theft) and the highly likely not interested response from the bank concerned

As such I would never keep more than 50,000 in any thai bank no matter what the circumstances. I certainly would never in a million years keep 800,000 in one for visa purposes either. You gotta be certified if you do that

I have on occasion kept millions of dollars never mind thb in Thai banks and they've never stolen a penny

 

I think your being more than a bit paranoid ????