1FinickyOne Posted March 22, 2022 Share Posted March 22, 2022 If a Thai person has a term account with a bank, like a cd or something - and the Thai person passes away, - no will - what happens to the funds? I assume they will be passed along to the family but immediately or at the end of the term? With or without an early withdrawal penalty? Or does it depend on each individual investment? Link to comment Share on other sites More sharing options...
scubascuba3 Posted March 22, 2022 Share Posted March 22, 2022 Nothing unless someone tells the bank, with no will any family would get the money eventually 1 Link to comment Share on other sites More sharing options...
1FinickyOne Posted March 22, 2022 Author Share Posted March 22, 2022 7 minutes ago, scubascuba3 said: Nothing unless someone tells the bank, with no will any family would get the money eventually Thanks, yes, the bank will know - the question is about these cds w/penalties for early withdrawal - does those penalties still hold? Or would the money be released unpenalized to the family? Link to comment Share on other sites More sharing options...
Popular Post kuzie57 Posted March 22, 2022 Popular Post Share Posted March 22, 2022 The most accurate answer you will get is go to the bank and ask. 12 Link to comment Share on other sites More sharing options...
Popular Post Na Fan Posted March 22, 2022 Popular Post Share Posted March 22, 2022 17 minutes ago, kuzie57 said: The most accurate answer you will get is go to the bank and ask. and then do it again when there is a different teller. and then do it again, at a different branch. and then call their hotline and ask. And if by some miracle those three answers are all the same, then you can be 50% confident that they might be correct. 4 1 3 10 Link to comment Share on other sites More sharing options...
userabcd Posted March 22, 2022 Share Posted March 22, 2022 (edited) Some info from https://www.scb.co.th/en/personal-banking/stories/affluence-wealth-legacy-issue.html From a past annow thread https://aseannow.com/topic/987793-closing-a-bank-account-of-a-deceased-person/ Like anywhere, the bank must be informed that the account holder is deceased and then the laws/rules followed relating to probate and inheritance. If it is a large amount of money and assets in different places, then like everywhere, having a will would be beneficial. Edited March 22, 2022 by userabcd 1 1 Link to comment Share on other sites More sharing options...
PeachCH Posted March 22, 2022 Share Posted March 22, 2022 Make a testament, which can be presented to the bank. Link to comment Share on other sites More sharing options...
thailand49 Posted March 22, 2022 Share Posted March 22, 2022 3 hours ago, Na Fan said: and then do it again when there is a different teller. and then do it again, at a different branch. and then call their hotline and ask. And if by some miracle those three answers are all the same, then you can be 50% confident that they might be correct. That is the method I use at the GoGos 2 Link to comment Share on other sites More sharing options...
brianthainess Posted March 22, 2022 Share Posted March 22, 2022 Depends on the term really by that I mean if only one year and how far into that it is and with probate taking around 3 months there might not be any term left. Link to comment Share on other sites More sharing options...
1FinickyOne Posted March 22, 2022 Author Share Posted March 22, 2022 2 minutes ago, brianthainess said: Depends on the term really by that I mean if only one year and how far into that it is and with probate taking around 3 months there might not be any term left. what if there is - that is the question? And yes, we have family at the bank but I am not there currently. Link to comment Share on other sites More sharing options...
scubascuba3 Posted March 22, 2022 Share Posted March 22, 2022 5 hours ago, 1FinickyOne said: Thanks, yes, the bank will know - the question is about these cds w/penalties for early withdrawal - does those penalties still hold? Or would the money be released unpenalized to the family? 99% sure bank would stick to withdrawal terms but its only interest Link to comment Share on other sites More sharing options...
1FinickyOne Posted March 22, 2022 Author Share Posted March 22, 2022 30 minutes ago, scubascuba3 said: 99% sure bank would stick to withdrawal terms but its only interest not only interest. some of these cds have large early withdrawal penalties which is what prompted my question... Link to comment Share on other sites More sharing options...
scubascuba3 Posted March 22, 2022 Share Posted March 22, 2022 2 minutes ago, 1FinickyOne said: not only interest. some of these cds have large early withdrawal penalties which is what prompted my question... very unusual to lose your capital, are you sure? standard to lose interest for several months. Either way I'd expect the bank to stick to the terms but check to be sure Link to comment Share on other sites More sharing options...
1FinickyOne Posted March 22, 2022 Author Share Posted March 22, 2022 38 minutes ago, scubascuba3 said: very unusual to lose your capital, are you sure? standard to lose interest for several months. Either way I'd expect the bank to stick to the terms but check to be sure They play so many games with these things... once the sales pitch was that you get 50% interest the first year... obviously they were just giving you back half your money... There was another where there was a 50% penalty for cashing out early... lots of games going on... I guess I will have to ask at the bank... Link to comment Share on other sites More sharing options...
scubascuba3 Posted March 22, 2022 Share Posted March 22, 2022 12 minutes ago, 1FinickyOne said: They play so many games with these things... once the sales pitch was that you get 50% interest the first year... obviously they were just giving you back half your money... There was another where there was a 50% penalty for cashing out early... lots of games going on... I guess I will have to ask at the bank... i hope it isn't the Kasikorn Ponzi scheme which hit the news Link to comment Share on other sites More sharing options...
1FinickyOne Posted March 22, 2022 Author Share Posted March 22, 2022 1 hour ago, scubascuba3 said: i hope it isn't the Kasikorn Ponzi scheme which hit the news no, but I haven't heard about that.. I have a regular passbook acct there?? Link to comment Share on other sites More sharing options...
scubascuba3 Posted March 22, 2022 Share Posted March 22, 2022 7 hours ago, 1FinickyOne said: no, but I haven't heard about that.. I have a regular passbook acct there?? Yeah they had passbooks too but were issued by 1 guy who was arrested, probably still in prison Link to comment Share on other sites More sharing options...
NoshowJones Posted March 23, 2022 Share Posted March 23, 2022 19 hours ago, kuzie57 said: The most accurate answer you will get is go to the bank and ask. If my experience with banks is anything to go by, you will never get a straight answer, even with English speaking tellers. 2 Link to comment Share on other sites More sharing options...
lopburi3 Posted March 23, 2022 Share Posted March 23, 2022 15 hours ago, 1FinickyOne said: not only interest. some of these cds have large early withdrawal penalties which is what prompted my question... Are you talking Thailand or somewhere else? Term cash deposits have loss of interest for early withdrawal here. Are you talking investment accounts, stocks, perhaps (which is not what most people have)? Do not know those rules but would expect current value. Link to comment Share on other sites More sharing options...
userabcd Posted March 24, 2022 Share Posted March 24, 2022 On 3/22/2022 at 12:37 PM, 1FinickyOne said: Thanks, yes, the bank will know - the question is about these cds w/penalties for early withdrawal - does those penalties still hold? Or would the money be released unpenalized to the family? Usually cash deposits have limitation on number of withdrawals and loss of interest if cashed out early. Capital is returned. There are those insurance investment schemes offered by financial institutions where one invests capital or pays in over some years and then the capital is sort of locked over a period of time. For the first say 5 years the companies offering those products show that there will be a loss on capital if cashed out in the say first 5 years. The finance companies offering those products present them to the investor making it seem like they are getting a good deal but when one calculates the return on the investment one finds that they only return your capital + savings account interest. Who knows what the insurance part of those schemes offer. Link to comment Share on other sites More sharing options...
1FinickyOne Posted March 24, 2022 Author Share Posted March 24, 2022 11 minutes ago, userabcd said: Usually cash deposits have limitation on number of withdrawals and loss of interest if cashed out early. Capital is returned. There are those insurance investment schemes offered by financial institutions where one invests capital or pays in over some years and then the capital is sort of locked over a period of time. For the first say 5 years the companies offering those products show that there will be a loss on capital if cashed out in the say first 5 years. The finance companies offering those products present them to the investor making it seem like they are getting a good deal but when one calculates the return on the investment one finds that they only return your capital + savings account interest. Who knows what the insurance part of those schemes offer. 11 minutes ago, userabcd said: Usually cash deposits have limitation on number of withdrawals and loss of interest if cashed out early. Capital is returned. There are those insurance investment schemes offered by financial institutions where one invests capital or pays in over some years and then the capital is sort of locked over a period of time. For the first say 5 years the companies offering those products show that there will be a loss on capital if cashed out in the say first 5 years. The finance companies offering those products present them to the investor making it seem like they are getting a good deal but when one calculates the return on the investment one finds that they only return your capital + savings account interest. Who knows what the insurance part of those schemes offer. yes. those are probably the accounts in question. some silly game that came along with a hard sell and all the little tellers cheering. they surely all have terms. and my question is what happens to the money if the term is not complete but the person is deceased. ??? Link to comment Share on other sites More sharing options...
lopburi3 Posted March 24, 2022 Share Posted March 24, 2022 Depending on the amount new rule as of August last year that government will only protect up to one million baht in account (from previous 5 million) might be a factor to consider. https://www.nationthailand.com/in-focus/40004190 Today S&P downgraded 4 of the larger Thai banks (but expect that has more to do with the current international pandemic situation rather than being unique to these banks). https://www.nationthailand.com/business/40013693 Next month cybercurrency will be banned for any payments here. https://asia.nikkei.com/Spotlight/Cryptocurrencies/Thailand-bans-bitcoin-other-crypto-payments-starting-in-April#:~:text=BANGKOK -- Thailand on Wednesday,to all cryptocurrency%2C including bitcoin. 1 Link to comment Share on other sites More sharing options...
userabcd Posted March 24, 2022 Share Posted March 24, 2022 9 minutes ago, 1FinickyOne said: yes. those are probably the accounts in question. some silly game that came along with a hard sell and all the little tellers cheering. they surely all have terms. and my question is what happens to the money if the term is not complete but the person is deceased. ??? I would think need to ask the bank that offered the product. What does it say in the terms and conditions for the product? Link to comment Share on other sites More sharing options...
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