Did the banking law change?

[Javabear]

I've been trying to add money to my Bangkok Bank account from my US account.  I normally do this through the ACH system using the routing number for the Bangkok Bank branch in New York with my account number.  It has worked well for 7-8 years and it's free.  Fast forward to this past Monday and all of a sudden my deposits are being rejected with no explanation.  My wife is going to call the bank and ask but I thought perhaps someone here might know what's going on.  Anyone?

[Jingthing]

Don't bother calling,. This has been stopped for everyone. There have been posts about this change for well over a year. It's finished. 100 percent. You can no longer do ACH transfers to Bangkok Bank to Thailand via BB New York. Find another solution!

[Javabear]

1 minute ago, Jingthing said:

Don't bother calling,. This has been stopped for everyone. There have been posts about this change for well over a year. It's finished. 100 percent. You can no longer do ACH transfers to Bangkok Bank to Thailand via BB New York. Find another solution!

Ok, so how is everyone else doing it?  I just put in $2k US using ACH last week.

 

[Jingthing]

5 minutes ago, Javabear said:

Ok, so how is everyone else doing it?  I just put in $2k US using ACH last week.

 

Yes the party is over. 

It's official. 

How are people doing it?

Different methods -- TransferWise, SWIFT wire transfers, etc.

 

I hope you don't need these monthly transfers for an income based extension because if you miss one month, your application is ruined. 

[Langsuan Man]

I am not surprised that the OP did not know of the change in the policy (not law) with Bangkok Bank's ending the NY Branch EFT's policy

 

I was in the US Embassy annex waiting room last April and I was amazed at all the strange looks I got when I mentioned the upcoming change.  Must have been 20 expats there and not one was aware of the new policy, so I just referred them to Thai Visa

 

How you can live here and keep you head in the sand amazes me

[bkk6060]

22 minutes ago, Langsuan Man said:

I am not surprised that the OP did not know of the change in the policy (not law) with Bangkok Bank's ending the NY Branch EFT's policy

 

I was in the US Embassy annex waiting room last April and I was amazed at all the strange looks I got when I mentioned the upcoming change.  Must have been 20 expats there and not one was aware of the new policy, so I just referred them to Thai Visa

 

How you can live here and keep you head in the sand amazes me

Wow, good for you.

You got the attention of 20 people with your comment.

It was actually meaningless at the time as here we are 8 months later and they are finally enforcing it.

But, nice for you for spreading the word.

 

[bkk6060]

10 hours ago, Jingthing said:

I hope you don't need these monthly transfers for an income based extension because if you miss one month, your application is ruined. 

Not really.

An agent will gladly straighten things out.

[Jeffrey346]

15 hours ago, Javabear said:

Ok, so how is everyone else doing it?  I just put in $2k US using ACH last week.

 

I just sent 2k via Western Union. They charged my $2.99

[dannyol]

You can thank Homeland Security for this change.  They are now requiring a new format for sending transfers to Bangkok Bank which no bank in the U.S. has the capability of providing.  Just more limitation of moving money without big brother knowing when, where, who, how, and why.

[soisanuk]

17 hours ago, Jingthing said:

Don't bother calling,. This has been stopped for everyone. There have been posts about this change for well over a year. It's finished. 100 percent. You can no longer do ACH transfers to Bangkok Bank to Thailand via BB New York. Find another solution!

Bangkok Bank NY Branch announced in the latter part of 2018 they were ceasing accepting the transfer of funds using the Domestic ACH transfer method and that to set up the transfer would require using the International ACH Transfer (IAT) format. Further, that for customers already set up and using the Domestic ACH transfers, this would continue until April 1, 2019 (however they kept accepting domestic ACH transfers until now). 

 

The IAT format requires additional information be included for the sender and recipient.  The requirement for member banks in the ACH (Automated Clearing House) system to use the IAT format for any transfers using the system destined for outside the United States was actually issued in 2009 (as a result of US money laundering laws).  However, Bangkok Bank's New York Branch was in violation of this rule by continuing to accept transfers using the domestic ACH format.  Apparently, they were "caught" and required to follow the new rule, but allowed to continue to accept transfers by existing customers for a period of time that kept getting extended. It appears the ACH regulatory authority finally said no more extensions and Bangkok Bank NY is now having to enforce the rule.

 

Unfortunately, almost if not all US Banks do not provide for retail customers to use the IAT format for ACH transfers, but some do for their commercial customers.  Thus, making it impossible for those of us that were using the domestic ACH transfers through Bangkok Bank NY to our Bangkok Bank accounts here in Thailand.  A large majority, myself included, switched to using Transferwise (as mentioned, there are other methods that can be used).

Edited December 6, 2019 by soisanuk

[Suradit69]

6 hours ago, Langsuan Man said:

am not surprised that the OP did not know of the change in the policy (not law) with Bangkok Bank's ending the NY Branch EFT's policy

Actually it was enforcement of US law or regulation because the ACH method essentially camouflaged the fact that money was being transferred internationally. BB in New York was allowed some months for the transition. I think initially they were given until March or April, but they managed to extend it until now,

 

i now send SWIFT transfers from my broker and they use Bangkok Bank New York as the correspondent bank, so from my point of view the process works the same as before, but it's clearly an international transfer, not a domestic ACH transfer.

 

 

 

 

 

Edited December 6, 2019 by Suradit69

[Jingthing]

Yeah it was always kind of a scheme and anyone that had used it (I used it a lot) well understood that is was kind of deceptive (but legal at the time) to send a DOMESTIC transfer that you knew very well would then be directly sent INTERNATIONALLY. It wasn't going to last forever. The amazing thing is that is lasted as long as it did. 

Edited December 6, 2019 by Jingthing

[how241]

For small amounts,  $1500 or so, transferwise charges about the same as Bangkok Bank used to.  Different fees but you get a better rate so it ends up almost the same.  More expensive for larger amounts. 

[AAArdvark]

And for those who did not know or ignored the coming change and are using the income method for renewals, they better scramble to keep up the chain of deposits.

[Jingthing]

35 minutes ago, AAArdvark said:

And for those who did not know or ignored the coming change and are using the income method for renewals, they better scramble to keep up the chain of deposits.

This is true. Based on reading some reports they are expecting the monthly transfers to come in about the same time every month. For example if its usually on the 4th of the month and one transfer is the 15th  that could be a big problem. 

[DJ54]

4 hours ago, Jeffrey346 said:

just sent 2k via Western Union. They charged my $2.99

I’ve tried using WU several times online. Always denied because my  bank is in US and I’m in Thailand. Makes no sense to me but denied 

several times. 

 

Ive asked my US bank using secured message if they have the other method. Don’t recall the name but did at the time. They messaged 

back somethings you have to call the bank and this was one of them...

[Captain 776]

22 hours ago, Jingthing said:

Don't bother calling,. This has been stopped for everyone. There have been posts about this change for well over a year. It's finished. 100 percent. You can no longer do ACH transfers to Bangkok Bank to Thailand via BB New York. Find another solution!

I believe this is incorrect info.

I just did it the other day personally MYSELF plus my S S and 2 investment accounts for a total of 3 accounts get deposited in B B  NYC every month.

 

 

 

[Captain 776]

When they were spreading this rumor here over a year ago I called Chase bank in the United States and I went to the Bangkok Bank branch here in person spoke to the manager about this ACH thing and it’s total fake news if it was going to happen it would be well publicized at least 90 days before it was it in effect and every customer would be notified in writing sometimes this forum is the fountain of misinformation

 

I just did it the other day personally MYSELF plus my S S and 2 investment accounts for a total of 3 accounts get deposited in B B  NYC every month.

[Jingthing]

36 minutes ago, Captain 776 said:

I believe this is incorrect info.

I just did it the other day personally MYSELF plus my S S and 2 investment accounts for a total of 3 accounts get deposited in B B  NYC every month.

 

 

 

What other day exactly? 

 

 

Social security will be coded international by now so that's irrelevant. 

[Pib]

1 hour ago, Captain 776 said:

I believe this is incorrect info.

I just did it the other day personally MYSELF plus my S S and 2 investment accounts for a total of 3 accounts get deposited in B B  NYC every month.

 

1 hour ago, Captain 776 said:

When they were spreading this rumor here over a year ago I called Chase bank in the United States and I went to the Bangkok Bank branch here in person spoke to the manager about this ACH thing and it’s total fake news if it was going to happen it would be well publicized at least 90 days before it was it in effect and every customer would be notified in writing sometimes this forum is the fountain of misinformation

 

I just did it the other day personally MYSELF plus my S S and 2 investment accounts for a total of 3 accounts get deposited in B B  NYC every month.

 

Don't worry....your time is coming soon where your personal bank/broker ACH transfers (not to be confused with SWIFT/Wire transfers) routed through Bangkok Bank NY will be rejected unless in ACH IAT format. 

 

Only over the last month or so Bangkok Bank has started rejecting more and more ACH transfers not in IAT format.  They were suppose to start much earlier based on their own announcements but kept shifting/delaying actual implementation (with US Treasury approval) to allow US govt agencies/banks/customers more time to adjust...make other arrangements.

 

And US govt payments not in ACH IAT format will continue as normal until Jan 2020.  And if by chance you have your Thailand address on file with SSA then your SSA payment is already in ACH IAT format so it will continue no problem after Jan 2020.

 

It just personal transfers from banks/brokers/etc., that are now beginning to be rejected in earnest by the NY branch unless in ACH IAT format.  The Jan 2020 brick wall is just around the bend.

 

Below is the main thread on this subject started in mid 2018 after Bangkok Bank made it's initial announcement.   Probably best to start at the end to see the latest developments, transfer rejections, etc. 

 

 

 

[Pib]

Latest Bangkok Bank lines in the sand courtesy of a recent post by soisanuk as of 30 Oct 2019.  A cut & paste of the different dates are directly below....see soisanuk's post below for more details.

 

Quote

 

In order to BBL NYB to fully comply with the corrective actions for those customer who receives IAT transactions / International ACH do not have to take any actions and continue to receive their payment via BBL NYB and for a Non-IAT transactions, BBL NYB will start returning the Non-IAT (ACH) coming from Paypal and Amazon and other e-Commerce with effective from Monday, October 21, 2019.  The target date to return each type of ACH are as follows:

1.       Amazon and Paypal and other e-Commerce from 21 October, 2019.

2.       AC Transfers (Internet Banking) from 1 November, 2019

3.       Private Pension from 1 December, 2019.

4.       All other Non-IAT including Government payment from 1 January, 2020.

 

 

 

[Suradit69]

1 hour ago, Captain 776 said:

When they were spreading this rumor here over a year ago I called Chase bank in the United States and I went to the Bangkok Bank branch here in person spoke to the manager about this ACH thing and it’s total fake news if it was going to happen it would be well publicized at least 90 days before it was it in effect and every customer would be notified in writing sometimes this forum is the fountain of misinformation

 

I just did it the other day personally MYSELF plus my S S and 2 investment accounts for a total of 3 accounts get deposited in B B  NYC every month.

It wasn't a rumor. For quite awhile there was a warning in the BB New York website that only the IAT format ACH transfers would be acceptable.You don't have an account at Bangkok Bank New York and they don't have your address for mailing notices. In over 20 years with Bangkok Bank, I have never received anything from them by mail.

 

I believe Social Security and military pension use the IAT format so their payments can still be made via NY for transfers.

 

Google Bangkok Bank New York and you can read what they say about US bank transfers. The notices have been there for around one year.

 

if you want to label it fake news, that's up to you. Like the one who calls everything he doesn't like fake news, reality will disprove you.

[Suradit69]

1 hour ago, Captain 776 said:

if it was going to happen it would be well publicized at least 90 days before it was it in effect and every customer would be notified in writing sometimes this forum is the fountain of misinfo

It was enforcement of US law, not a change in Bangkok Bank policy. 

 

Every customer of Bangkok Bank does not use American ACH transfer. Some people might have used it once or a few times while others used it monthly for decades. The information was available on their website. If you think you're going to get a written notice by mail, you are delusional.

 

 

Edited December 6, 2019 by Suradit69

[Suradit69]

2 hours ago, Captain 776 said:

sometimes this forum is the fountain of misinformation

And sometimes people stubbornly refuse any facts they don't like.  Most of those posting in this thread are reliably reporting what is true and what has been discussed ad nauseum at the beginning of the year when the notices were disseminated. 

[Jingthing]

Well I can see now that in some cases that ACH is still slipping through but ALL of that will end soon. So I was wrong that it had already totally ended.

 

I recall I got a physical letter from the bank about this as well.

 

Regarding the OP this can be said --

 

He got a rejection from an existing link. 

Chances are that link won't ever work again.

Unless he has an existing link already setup with another U.S. bank, it's game over.

There is no point in complaining to a bank about how they are enforcing their policy which they've been warning people about for many many months.

Setting up NEW links has been impossible for a long time already. 

So soon enough, doing ACH transfers using Bangkok Bank will be a fond memory of the good old days.

Deal with it because there isn't any other choice. 

[earlinclaifornia]

My direct deposit to NY branch was transfered to Thailand but returned. The bank manager here in Saraphi contacted NY and was told the law effecting the NY branch had a change where the recipient, myself has to provide the address I reside in Saraph, Thailand must be on record at NY now. I used email to the right contact and was able to resume since. [email protected] REPOSTING