Changes in banking policies and rules

[jingjai9]

Have any of you in the forum noticed banks in the west seemed to be tightening their policies in the last 2-3 months. For example, I have had an account with my US bank for over ten years. I use a Thai primary address and now they are telling me if I cannot provide a US address, I need to close my account. On the user agreement the bank cites as a policy change that online services are for people from the US living in the US.

Also I have read on this forum about people having more difficulties making international money transfers to Thailand.  Are the banks tightening up and if so what is prompting these changes? Has it anything to do with the war in Ukraine?

[marin]

Yup, just had an email from Wells Fargo the same thing is happening to me. Also found out I now have to use a VPN to transfer money out. No big deal really as I set it up to get my kids money while in university. No worries about that now as 4 years after graduation they make more than me....????

[MJCM]

This is in Europe going on for a while now, I had to close an account there because I was using a Thai address, but fortunately I changed the address  before that on 2 other accounts (different banks) to a local one and still no questions asked. 

[sqwakvfr]

USAA recently revised their Deposit Account policies.  The two key items that will affect me are:

 

1.  USAA now states at their “discretion they can limit the number of transfers out of my account with or without notice”. 

2. USAA now limits ATM reimbursement fees to $10 per month.  We all know that at most Thai Banks the ATM fee is 220 Baht(almost $6).  In essence I will get 1 complete ATM withdraw in LOS before I lose money in the process.

 

 A long time ago I saw the writing on the wall in terms of US Banks and have maintained a US Address and US phone number.   I will also maintain a valid California Drivers license for as long as I can.  

 

I don’t know why this is happening now but the US Banks are definitely making it harder for Americans who live overseas.  

Edited October 20, 2022 by sqwakvfr

[CharlieH]

MOVED to Banking forum