Bank account. Dual signatures

[Flyfish]

I believe this topic has been covered previously,but I cannot locate the discussion. I would be grateful for any confirmation.

i want to give access to my unmarried partner,to my “visa funds”, in the event of my demise. This would assist her until probate was resolved.

However, Immigration will not accept a normal “2 signature” account for visa purposes.

I have seen a discussion regarding a “hidden signature” account which only shows up under infra red light or similar.

Does anyone have information on this,please? 
which bank? Fixed deposit or not?
Thank you in advance for any informed responses......Please note I am well aware of the possible risks,and do not require advice in that regard,thank you.

[jackdd]

You could just give her the ATM card and the pin.

But in general i don't think it's a good idea to give her access to this bank account.

[Flyfish]

Thanks Jack...there is no ATM card with this fixed deposit account...and yes,I am aware of the dangers,thank you.

[CharlieH]

Might sound obvious, but talk to the bank and ask them of what possibilities are available.

[Pib]

You can use a Power of Attorney (POA) to allow a person to withdraw money from your acct.   The person is not put on the acct as a joint owner; only as a person who can withdraw funds from the acct.   The bank has all the necessary POA paperwork/forms....will take about 20 minutes to do....cost will be Bt30 for the govt fee stamp.   

 

Now, I'm not 100% sure, but supposedly the POA is only valid while you are alive...so, if you croak make sure the person you add goes does withdrawals before the bank knows you passed away.

 

The bank will prepare a new passbook where the acct owner and person authorized by the POA sign on the last page of the passbook.  Those two signature can only be seen under a blacklight.   The passbook still only reflects the single owner's name on the first page. 

 

I've done this several times at Bangkok Bank and Krungsri Bank over the years for accts in my name only that I used for immigration/extension of stay purposes.  The wife was added with the POA.  In fact, last did it at Bangkok Bank and Krungsri Bank about 6 months ago.

Edited January 9, 2020 by Pib

[saengd]

No need for a POA, just add her as a signatory to the account, it won't change account ownership, just who can sign on it.

[Pib]

1 minute ago, saengd said:

No need for a POA, just add her as a signatory to the account, it won't change account ownership, just who can sign on it.

Thai banks will refer to that signatory as a POA.

[EricTh]

If the real purpose is for her to withdraw after your death, then the best solution would be a written will.

 

There's no such thing as 'hidden signature' account because many people will try to game the immigration system using this way by sharing with another partner.

Edited January 9, 2020 by EricTh

[Lacessit]

Buy her 10 baht of Thai gold, which will tide her over until probate is finalised.

[saengd]

We have an "either/or" investment account which allows either one of us to transact on the account and either one of us has full control and ownership of the account, useful for when party passes on - either/or accounts can be established on any type of account.

[macahoom]

3 hours ago, saengd said:

We have an "either/or" investment account which allows either one of us to transact on the account and either one of us has full control and ownership of the account, useful for when party passes on - either/or accounts can be established on any type of account.

 

The OP wants to use the account for his 800k baht required by Immigration.

Immigration will not accept the type of account you describe; they will not accept a joint account.

[digbeth]

4 hours ago, EricTh said:

If the real purpose is for her to withdraw after your death, then the best solution would be a written will.

 

There's no such thing as 'hidden signature' account because many people will try to game the immigration system using this way by sharing with another partner.

even with a written will, for her to become estate manager and the bank to allow her to withdraw/close your account would mean going to court to have herself appointed, announcement made for any of your relatives to object, depending on how busy the courts are, this could be months after your death... meanwhile funeral cost and hospital stayf if any needs to be paid, so unless there's alternative account that she can draw on, it's not a nice situation

[Flyfish]

Many thanks,Pib...and all who responded and understood the issues re immigration, probate delays ect. I’m with Krungsi,who have said they can’t do anything except a joint account...clearly they did for Pib,so I will try again!

[Pib]

12 hours ago, Flyfish said:

Many thanks,Pib...and all who responded and understood the issues re immigration, probate delays ect. I’m with Krungsi,who have said they can’t do anything except a joint account...clearly they did for Pib,so I will try again!

Yes...adding a signatory to your single owned acct is easily doable....as mentioned I've done it several times at Bangkok Bank and Krungsri Bank....and did it recently at both banks in 2019.

[CGW]

On 1/9/2020 at 1:19 PM, jackdd said:

You could just give her the ATM card and the pin.

But in general i don't think it's a good idea to give her access to this bank account.

Giving her the ATM card and pin is all well and good but would be classified as fraud if she withdrew when you were no longer here.

My wife has joint access to my accounts apart from the 800k account, guess I am in a more trusting relationship than you ???? 

[Flyfish]

My thanks to all...especially PIB,who was spot on with his advice.

account now opened with Krungsi....

[couchpotato]

On 1/9/2020 at 7:41 PM, saengd said:

We have an "either/or" investment account which allows either one of us to transact on the account and either one of us has full control and ownership of the account, useful for when party passes on - either/or accounts can be established on any type of account.

Correct--I do fixed deposits with my wife..if either of us go upstairs then the other has signatory power over the account. No need to wait for probate or other legal nonsense.

My so called immigration account is under my name only, but she has access to ATM and Pin nbr, so can operate that also if I'm sick or incapacitated. Just simpler this way. 

 

Although the post on the  POA signature idea is intriguing..must look into that for the imm acct.

Edited January 25, 2020 by couchpotato
additional facts

[OneZero]

On 1/9/2020 at 7:00 PM, Pib said:

You can use a Power of Attorney (POA) to allow a person to withdraw money from your acct.   The person is not put on the acct as a joint owner; only as a person who can withdraw funds from the acct.   The bank has all the necessary POA paperwork/forms....will take about 20 minutes to do....cost will be Bt30 for the govt fee stamp.   

 

Now, I'm not 100% sure, but supposedly the POA is only valid while you are alive...so, if you croak make sure the person you add goes does withdrawals before the bank knows you passed away.

 

The bank will prepare a new passbook where the acct owner and person authorized by the POA sign on the last page of the passbook.  Those two signature can only be seen under a blacklight.   The passbook still only reflects the single owner's name on the first page. 

 

I've done this several times at Bangkok Bank and Krungsri Bank over the years for accts in my name only that I used for immigration/extension of stay purposes.  The wife was added with the POA.  In fact, last did it at Bangkok Bank and Krungsri Bank about 6 months ago.

kasikorn Bank Jomtien beach road branch (where I opened my account) insists that I cannot do as you described above Pib. I went on two days and even insisted they call a "Boss" to confirm - all that resulted in was his description of what a survivor must do if I pass on.  Rediculous waste of time and I don't know what I'm doing wrong to get them to understand Pib's description.  I suppose I could try another Kasikorn branch that represents more of a head office.  I suppose I could change bank accts to Bangkok Bank or krungsri as Pib noted.  etc etc

 

But before I do those things ---if anybody has any comments or suggestions to easily do what Pib has done, please advise your experience.  Thanks.

[offset]

If people trust there other half that much why not open an account in their name, state that no debit card on the account, put enough in to tide them over the probate period you can get a internet account which you keep not let her know the password so you can keep a check on it, you keep the pass book at least that way you know what you are liable for