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Banking question...

Featured Replies

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? 

Nothing unless someone tells the bank, with no will any family would get the money eventually

  • Author
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? 

  • Popular Post

The most accurate answer you will get  is go to the bank and ask.

  • Popular Post
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.

 

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 by userabcd

Make a testament, which can be presented to the bank. 

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 

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.

  • Author
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. 

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

  • Author
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... 

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

  • Author
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... 

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

  • Author
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?? 

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

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.

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.

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.

  • Author
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. ??? 

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.

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?

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