Maintenance fees for fixed accounts?

[smo]

This is the first time I got this notice from Bangkok Bank, notifying me that my fixed account has been inactive for more than one year. It's been languishing for years simply because I didn't want to close it since I took the main chunk out of it (- as it has become hard nowadays to open accounts with BKB), and let it keep renewing itself year after year. I updated my bankbook over the weekend and no (maintenance) fees has been charged to it. Has anyone received similar notices regarding their fixed accounts?

[allane]

Until your update this weekend, have you been doing regular updates ?  I am with another bank, and I have had no notice even though I haven't made a deposit or withdrawal in about 18 months. I do however, go in at least once every six months to update my bank books. Perhaps this has been enough to keep me off of the "inactive list."

[smo]

21 hours ago, allane said:

Until your update this weekend, have you been doing regular updates ?

Prior to this weekend, i did an update on 08/17. The notice is dated 31/08 as you can see at the bottom of the pic. The notice checked the "inactive for more than one year" box at the top of the pic. I'm going to do another update today to see if any maintenance fee appeared at the end of September (ie Monday this week.)

[Pib]

Required "user-initiated" activity is a deposit, withdrawal or transfer. Interest payments or any kind of bank-initiated activity does not count.

[allane]

Yes, I was aware of that. I was looking for a reason why the OP has been treated differently than myself (other than being at different banks). My fixed income accounts have a required minimum balance of B 10,000. Perhaps, in return for that, I have been protected from closure in the event of insufficient activity. I don't remember what I was told at the beginning. I have had these continually since 1997.

Edited October 2, 2019 by allane
x

[Pib]

"Generally" Thai banks follow a rule of when the acct balance drops below Bt2,000 "and" there is no user-initiated activity for 12 months (must meet both conditions) they will start applying a Bt50/month maintenance fee until the acct balance reaches zero and then it's automatically closed. 

 

But this rule is geared towards "regular" savings accts and not "long term fixed" accts....with long term being 12 months or longer.  However, if his current fixed acct is now a 90 day maturity period fixed acct it's probably being treated like a regular savings acct for inactivity purposes. 

 

Although the fixed acct may have originally been a longer term fixed acct after it matures and the acct owner does not come in to roll over the acct into a new fixed term of his choosing then the bank usually just automatically rolls it over to a 90 day fixed acct that keeps rolling over 90 days.  

 

What could also be a player is if the acct is coded as "non-resident" or "resident."

 

 

 

 

 

 

[CMBob]

Yes, if it is a fixed account (term account) where the term comes to the end, the banks switch the accounts at that time to a regular savings account (and then the fees periodically start for inactivity if the amount is below a certain level).  I am unaware that the banks even offer a fixed term account for amounts as low as 2,500 baht...but perhaps they do (my experience with fixed term accounts relates to the retirement extension requirements).

 

[Alotoftravel]

Off topic, just amazing to hear these fees charged by Thai financial institutions when other western countries offer rebates, no fees or even free trades recently announced by TD Waterhouse, Schwab and others. I hope Thailand One day their financial centers compete Like the west .

[smo]

3 hours ago, CMBob said:

I am unaware that the banks even offer a fixed term account for amounts as low as 2,500 baht...but perhaps they do

It's annoying to hear someone making comment based on wrong assumption deriving from them not reading the entire OP. The fixed account was opened with a much large amount than what remains now. I was about to close it after taking the whole sum out of it when the manager convinced me why not keeping it open by leaving in a little something and it won't cost me anything - thus the 2plusK laying in there year after year where it rolled over on a YEARLY TERM basis (the notice in question put a check in the "inactive for more than 1 year" box.)

[Mavideol]

1 hour ago, smo said:

It's annoying to hear someone making comment based on wrong assumption deriving from them not reading the entire OP. The fixed account was opened with a much large amount than what remains now. I was about to close it after taking the whole sum out of it when the manager convinced me why not keeping it open by leaving in a little something and it won't cost me anything - thus the 2plusK laying in there year after year where it rolled over on a YEARLY TERM basis (the notice in question put a check in the "inactive for more than 1 year" box.)

I had exactly the same problem with BB, fixed account with higher amount, didn't touch it for more than 1 year, they deposited the interest but received same letter as you, visited the branch for clarification and was instructed to deposit or withdraw money to show activity, no paid fee asked

[khunPer]

Some banks – SCB in this case – says that if you update your bank book there will be no fee, or just keep not less than 2,000 baht in the account.

[ThePioneer]

4 hours ago, Alotoftravel said:

Off topic, just amazing to hear these fees charged by Thai financial institutions when other western countries offer rebates, no fees

And even no interests

 

But as it seems that you are American, yes in the US you still get some interest, otherwise the exchange rate would probably be 20 Baht for a dollar

Edited October 3, 2019 by ThePioneer

[Cricky]

I had the same letter for a savings account, its a joint account with the Mrs.

I occasionally deposit 100 baht into the account.

This stops any fees and letters appearing in the mail.

[natway09]

Got a similar note from BKB as my 12 month just expired.

Dropped in & renewed ,,,,, no fees got 1.5 % & was surprised same again

[smo]

I finally took some action and this is what transpired: I called BKB call center, they looked into my (fixed) account and said that nothing looked unusual, that I should stop by my branch to make sure all kosher. I did, the farang desk at the bank took a look at my fixed account bank book and said that since the last activity occurred two years ago (when I took most the money out), the system sent out a notice just for this effect. Nothing will happened, stressing that any maintenance charge only applies to saving accounts, not fixed ones.