New rule for cash deposit machines from November 15th

[phetphet]

1 hour ago, hotandsticky said:

 

You are not 'giving them money'.

 

You are asking them to provide the service of putting money into an account, That costs money from the use of either labour and/or equipment.

Money which they save by closing branches and cutting staff.

 

Let's put it  another way. And I am talking about them charging you to make an in-bank deposit into your account.  You are paying them for you to lend them money.

 

Do you think it really just sits there in an account? Of course not. The banks take it and lend it out for interest, or invest it. If it's a savings account, they might even give you a paltry share of what they earn as an interest payment.

 

Try getting your money back if there is a run on your bank.

If it goes under, you may only get a certain amount back of what you deposited. Depending on the limit at the time.

 

I also predict that the banks will also soon start charging everyone for doing online transfers. They used to charge, but dropped it for the Covid lockdown. That's also a service they provide. They won't miss an opportunity to make more profit.

Edited October 18, 2022 by phetphet

[lujanit]

Does the Thai government guarantee deposits up to a certain amount like lots of other countries?

[HaoleBoy]

6 minutes ago, lujanit said:

Does the Thai government guarantee deposits up to a certain amount like lots of other countries?

Was recently dropped to 1 mln THB per bank.  Thus you need multiple different bank accounts to be safe not multiple accounts at same bank.

[hotandsticky]

3 hours ago, userabcd said:

How Bank Deposits Work

The deposit itself is a liability owed by the bank to the depositor. Bank deposits refer to this liability rather than to the actual funds that have been deposited. When someone opens a bank account and makes a cash deposit, he surrenders the legal title to the cash, and it becomes an asset of the bank. In turn, the account is a liability to the bank.

 

Wonder what this annual ongoing fee is for a bank card when a fee was paid to issue the card.

So, is that cash deposit an asset or a liability?....because you contradict yourself....."a liability, owed by the bank"....and "it becomes an asset of the bank".

 

 

If you wish to provide further lectures on fractional reserve banking, maybe start another thread.

[hotandsticky]

2 hours ago, lujanit said:

Does the Thai government guarantee deposits up to a certain amount like lots of other countries?

Yes. One million Baht now, I believe.

[hotandsticky]

2 hours ago, phetphet said:

Money which they save by closing branches and cutting staff.

 

Let's put it  another way. And I am talking about them charging you to make an in-bank deposit into your account.  You are paying them for you to lend them money.

 

Do you think it really just sits there in an account? Of course not. The banks take it and lend it out for interest, or invest it. If it's a savings account, they might even give you a paltry share of what they earn as an interest payment.

 

Try getting your money back if there is a run on your bank.

If it goes under, you may only get a certain amount back of what you deposited. Depending on the limit at the time.

 

I also predict that the banks will also soon start charging everyone for doing online transfers. They used to charge, but dropped it for the Covid lockdown. That's also a service they provide. They won't miss an opportunity to make more profit.

More bo11ocks!

 

Another one lecturing on fractional reserve banking when he knows nothing of deposit guarantee schemes 

[kekalot]

[rbkk]

6 hours ago, webfact said:

the alternative for those who do not have a credit or debit card PIN or password for their bank accounts is to

Stuff it under the mattress.

[metisdead]

 

 

An off topic post has been removed. 

[Liverpool Lou]

5 hours ago, cyril sneer said:

I don't think it'll happen (yet), it's just a way for banks sell more debit cards

Really?...

"From November 15th, people who want to deposit cash via cash deposit machines (CDMs) in Thailand will be required to identify themselves ...11 commercial banks have approved the new measure, among them are the Krung Thai Bank, Siam Commercial Bank, Kasikorn Bank, Bangkok Bank, Bank of Ayudhya, TMBThanachart Bank, UOB Bank, CIMB Bank, the Government Savings Bank, the Government Housing Bank and Kiatnakin Phatra Bank".

[Liverpool Lou]

5 hours ago, mikebell said:

Don't they charge you for taking it out if you're outside the banks' area? My Bangkok Bank's account is based in Pattaya & I am sure I got dinged for a withdrawal in Bangkok.

They make the charge for providing the service that allows customers' banking facilities, hardly unreasonable, or do you expect all banking services to be free of charge?

[Liverpool Lou]

4 hours ago, Gknrd said:

The banks in Thailand are the biggest rip off's in the world.

And you base that ridiculous assertion on what?

[hotandsticky]

2 minutes ago, Liverpool Lou said:

They make the charge for providing the service that allows customers' banking facilities, hardly unreasonable, or do you expect all banking services to be free of charge?

 

 

I think you probably know the answer to that question.....????

[Liverpool Lou]

4 hours ago, userabcd said:

Wonder what this annual ongoing fee is for a bank card when a fee was paid to issue the card.

 

Your bank will tell you if you bother to ask.  When the card was issued the fee that was charged was an annual fee.

Edited October 18, 2022 by Liverpool Lou

[Liverpool Lou]

3 hours ago, phetphet said:

Money which they save by closing branches and cutting staff.

So what?

[sammieuk1]

There will never be a power shortage here there's a charge for everything ????

[CharlieH]

5 hours ago, hotandsticky said:

Yes.

Depends on the Bank. TTB dont.

[KhunBENQ]

39 minutes ago, Liverpool Lou said:

Your bank will tell you if you bother to ask.  When the card was issued the fee that was charged was an annual fee.

Depends on bank and type/services of the account.

I pay 200 Baht per year at SCB and Bangkok Bank.

At Kasikorn I pay 200/year plus 20 Baht/month for a full/all event SMS service.

What a terrible world-record rip-off ????

[topt]

4 hours ago, phetphet said:

I also predict that the banks will also soon start charging everyone for doing online transfers. They used to charge, but dropped it for the Covid lockdown.

No it wasn't. They stopped charging some years before Covid became a "thing"

[Gknrd]

1 hour ago, Liverpool Lou said:

And you base that ridiculous assertion on what?

Sure.

1:  Thailand is set up to rip off tourists. ATM fees are 220/transaction. 5-7 dollars

Laos where I just left was 1.25 dollars. Malaysia where I also like was free. 

2: I opened an account so I could use the scan here in Thailand. What a joke that is. If out of the district. They charge you to get cash AND to put cash into your account. LOL. What a racket.

3. If you want an ATM card they charge you a yearly fee just to have one... LOL

But, in all fairness the Thai's are the ones that get hit with that. 

Even in the states the highest I have ever been charged is 3 bucks...

No wonder they call it the LOS's. they are smiling all the way to the bank..

 

Edited October 18, 2022 by Gknrd

[tomacht8]

2 minutes ago, Gknrd said:

Sure.

1:  Thailand is set up to rip off tourists. ATM fees are 220/transaction. 5-7 dollars

Laos where I just left was 1.25 dollars. Malaysia where I also like was free. 

2: I opened an account so I could use the scan here in Thailand. What a joke that is. If out of the district. They charge you to get cash AND to put cash into your account. LOL. What a racket.

3. If you want an ATM card they charge you a yearly fee just to have one... LOL

But, in all fairness the Thai's are the ones that get hit with that. 

Even in the states the highest I have ever been charged is 3 bucks...

 

To 2. That annoyed me too. I am now also with Krung Sri Bank. With them I can withdraw money nationwide in any branch without paying a commission.

[hotandsticky]

56 minutes ago, CharlieH said:

Depends on the Bank. TTB dont.

TMB Thannachart, a good bank - usually have better savings rates.

 

Good to hear that Charlie....I doubt that there are any/many others.

 

The most popular banks (Bangkok Bank, Kasikorn, SCB and Krungsri) all do.

[hotandsticky]

10 minutes ago, Gknrd said:

Sure.

1:  Thailand is set up to rip off tourists. ATM fees are 220/transaction. 5-7 dollars

Laos where I just left was 1.25 dollars. Malaysia where I also like was free. 

2: I opened an account so I could use the scan here in Thailand. What a joke that is. If out of the district. They charge you to get cash AND to put cash into your account. LOL. What a racket.

3. If you want an ATM card they charge you a yearly fee just to have one... LOL

But, in all fairness the Thai's are the ones that get hit with that. 

Even in the states the highest I have ever been charged is 3 bucks...

No wonder they call it the LOS's. they are smiling all the way to the bank..

 

Only an idiot would use an overseas bank card in a foreign ATM - the extortionate charges are well known.

 

For domestic banking charges, Thai banks are very fair.

[Pattaya Spotter]

How is it done now...people just dump money into the machines without identifying which account to credit

7 hours ago, phetphet said:

It does seem lax.

But there is a limit on how many notes one can deposit at any one time, and the process is very slow. Unless there were many people all paying into the same account at different ATM's, many times a day, I don't see how they could launder large amounts. But launder they could I suppose.

 

But if one doesn't need a card to deposit. How does the bank know which account to put the money in?

 

 

In the old days, someone could deposit an envelope with a deposit slip in it with the account to credit without identifying who made the drop.

[CharlieH]

34 minutes ago, hotandsticky said:

TMB Thannachart, a good bank - usually have better savings rates.

 

Good to hear that Charlie....I doubt that there are any/many others.

 

The most popular banks (Bangkok Bank, Kasikorn, SCB and Krungsri) all do.

Probably as it was (is?) the Military Bank and servicemen moving around didnt get charged out of province fees etc.

That was the only reason I opened it awhile back as I travelled around a fair bit and it made sense. ????

[Eaglekott]

8 hours ago, cyril sneer said:

Cost me 50 baht last time I used one of these machines

It only cost money if you are in another district than you have your main branch or you deposit into an account in another bank than has the CDM. It also cost money if you do it manually and go in to the bank. 

[Caldera]

Coming from a Western country that had had AML regulations for cash transactions at banks even before I moved to Thailand more than a decade before, it has always baffled me that you can effectively deposit unlimited amounts of cash into whatever bank account anonymously.

 

That being said, I've found those cash deposit machines convenient to put money into my own account, and I've never bothered to stick in my card. Looks like that will have to change. 

[HighPriority]

11 hours ago, phetphet said:.

 

But if one doesn't need a card to deposit. How does the bank know which account to put the money in?

 

 

My thoughts too ! ????

[Woof999]

2 minutes ago, HighPriority said:

My thoughts too ! ????

You enter the bank name and account number of the account you are submitting the money into. Now they are saying that you, as the depositor, need to identify yourself as well. May well be the same person as the owner of the account, but not always.

[dingdongrb]

5 hours ago, sammieuk1 said:

There will never be a power shortage here there's a charge for everything ????

Kind of like many country's double tax system, tax money you earn and tax the money you spend.