Honoring a Limited Power of Attorney

[connda]

Are Thai banks required by law to honor a legal limited Power of Attorney?

 

or worded differently,

 

Can a Thai bank legally ignore and not honor a limit Power of Attorney that allows an agent (spouse, child, family member) to engage in completing transactions in the place of the principle who wrote the Power of Attorney?

[Sheryl]

I'll be interested to hear from others on this. To my understanding, they are required. But getting them to do so may be another matter.

[Pilotman]

5 minutes ago, Sheryl said:

I'll be interested to hear from others on this. To my understanding, they are required. But getting them to do so may be another matter.

That sounds about right for Thailand, it's a law and it gets ignored. I wouldn't think anything is guaranteed legally in LOS. I have a legally drawn up Thai will, but I don't think  its worth a whole lot here. 

[Horatio Poke]

I asked my Thai solicitor a couple of years ago about preparing a Power of Attorney document.  She replied that she would happily do so if that's what I wanted, but warned that in her opinion it might prove very difficult to make any Thai bank, bank branch, or bank manager act on it and so advised against it.

She advised that my best option would be for me and my proposed attorney(s) to cultivate a positive relationship with the Thai bank branch(es) that I use in the hope that they would try to be helpful if I ever could not take care of matters for myself.  So I took her advice.

 

I do have a UK Power of Attorney document which was prepared in the UK and which is now stored at my UK solicitor's office.  It has no value here in Thailand.  I doubt that any Thai organization would accept it - especially because the original would never be forwarded here.  Best practice is that it remains in the solicitor's safe keeping and only certified copies are released.

 

It should be noted that UK banks are extremely difficult and obstructive about accepting Power of Attorney documentation too, but that's a whole other discussion and doesn't directly relate to the OP's post.

 

Edited March 8, 2019 by Horatio Poke

[JimGant]

Quote

Can a Thai bank legally ignore and not honor a limit Power of Attorney that allows an agent (spouse, child, family member) to engage in completing transactions in the place of the principle who wrote the Power of Attorney?

What's the context of this? I had my wife's name attached to my Bangkok Bank savings acct, allowing her access -- and even an ATM card, if she wanted (we didn't). As it still remains a single account in my name, I can use its 800k baht balance for my annual Immigration renewal. Should I have a stroke, she has access to my account. And even if I croak (thus negating POA authority), our bank manager advised her to just show up to empty out my account, which obviously would be harder to do if her name were not attached to my account.

 

I would not think a bank could ignore a POA specifically assigned to a single item, like a savings account. For a more general POA, who knows....

 

 

 

[Sheryl]

10 minutes ago, JimGant said:

What's the context of this? I had my wife's name attached to my Bangkok Bank savings acct, allowing her access -- and even an ATM card, if she wanted (we didn't). As it still remains a single account in my name, I can use its 800k baht balance for my annual Immigration renewal. Should I have a stroke, she has access to my account. And even if I croak (thus negating POA authority), our bank manager advised her to just show up to empty out my account, which obviously would be harder to do if her name were not attached to my account.

 

I would not think a bank could ignore a POA specifically assigned to a single item, like a savings account. For a more general POA, who knows....

 

 

 

Can you please explain how you did this - attached your wife's name to the account without making it a joint account? I have been specifically told by banks that this cannot be done here...and went to the trouble of making a Thai will for that sole reason.

 

In what way is her name "attached"? As what? How did you arrange this? Supposedly no Transfer in Death provision in Thai banking.

 

???