Anyone use a POD (pay on death) form with their Thai bank?

[giddyup]

Looking online I believe there is a POD form available, at least with SCB. I have two bank accounts with SCB, a joint account with my partner and a fixed deposit for the 800K for immigration purposes. The joint account is no problem because the surviving partner automatically gets the balance of that account, but if the fixed deposit account could be automatically transferred to the remaining account holder, in this case my partner, it would solve the problem of having to go through probate or whatever is necessary for her to get the 800K.

[Denim]

22 minutes ago, giddyup said:

The joint account is no problem because the surviving partner automatically gets the balance of that account,

 

You had better check on that with your bank, My bank told me that after death any joint account is locked until completion of probate.

 

They also said that if my wife had my ATM card she could use that to withdraw the money providing they had not been notified of my death. I pointed out the illegality of this and they all just laughed. So, my solution is to keep a large part of the available money in a safe at home.

 

 

[chiang mai]

24 minutes ago, giddyup said:

Looking online I believe there is a POD form available, at least with SCB. I have two bank accounts with SCB, a joint account with my partner and a fixed deposit for the 800K for immigration purposes. The joint account is no problem because the surviving partner automatically gets the balance of that account, but if the fixed deposit account could be automatically transferred to the remaining account holder, in this case my partner, it would solve the problem of having to go through probate or whatever is necessary for her to get the 800K.

Instead of a joint account, consider opening an "either/or" account which can be transacted upon independently and should give survivor benefits to the other person. There's probably not much you can do about the 800k account because most banks these days do require probate.

[giddyup]

3 minutes ago, Denim said:

 

You had better check on that with your bank, My bank told me that after death any joint account is locked until completion of probate.

 

They also said that if my wife had my ATM card she could use that to withdraw the money providing they had not been notified of my death. I pointed out the illegality of this and they all just laughed. So, my solution is to keep a large part of the available money in a safe at home.

 

 

How would the bank even know if you were dead? There could be joint accounts with any of a dozen banks, not just in Thailand. Neither joint account holder needs permission from the other to withdraw money, why would that change after one dies?

[giddyup]

1 minute ago, chiang mai said:

Instead of a joint account, consider opening an "either/or" account which can be transacted upon independently and should give survivor benefits to the other person. There's probably not much you can do about the 800k account because most banks these days do require probate.

If there is such a thing as a POD form, and it says there is online, surely that would allow the 800K to go to the person nominated.

[chiang mai]

2 minutes ago, giddyup said:

If there is such a thing as a POD form, and it says there is online, surely that would allow the 800K to go to the person nominated.

I've never heard of one being used by Thai banks since I've been here, I thought it was a US form.

[giddyup]

I stand corrected. I Googled SCB but I got Standard Chartered Bank, which I believe in the US.

[giddyup]

2 minutes ago, chiang mai said:

I've never heard of one being used by Thai banks since I've been here, I thought it was a US form.

You are correct. I was mistaken, I got SCB (Standard Charted Bank), confused with SCB Thailand.

[Denim]

5 minutes ago, giddyup said:

How would the bank even know if you were dead? There could be joint accounts with any of a dozen banks, not just in Thailand. Neither joint account holder needs permission from the other to withdraw money, why would that change after one dies?

 

If a foreigner dies their embassy has to be notified and there is of course an autopsy done by the relevant authorities. 

I understand your question and it is the same as the banks. Just don't tell us. I merely point out that although it might be possible it is not strictly legal. 

[KannikaP]

I think this thread can be closed now.

[giddyup]

7 minutes ago, Denim said:

 

If a foreigner dies their embassy has to be notified and there is of course an autopsy done by the relevant authorities. 

I understand your question and it is the same as the banks. Just don't tell us. I merely point out that although it might be possible it is not strictly legal. 

I'll ask the bank, but I don't think there is anything illegal about the surviving partner accessing money from a joint account.

[giddyup]

4 minutes ago, KannikaP said:

I think this thread can be closed now.

Are you a moderator?

[KannikaP]

5 minutes ago, giddyup said:

Are you a moderator?

No, but you have admitted the mistake was on your part, so the thread is not valid.

'I was mistaken, I got SCB (Standard Charted Bank), confused with SCB Thailand'.

[hotandsticky]

2 minutes ago, giddyup said:

I'll ask the bank, but I don't think there is anything illegal about the surviving partner accessing money from a joint account.

 

 

All mandates cease on death and whilst a surviving joint account holder is entitled to the funds, by succession, banks are likely to want see Probate (estate administration in Thailand) procedures followed. That may well cause delays.

 

I still think the best advice is not to advise the bank and use ATM/Online banking to disperse the funds (if required) - despite the questionable legality of doing that.

[hotandsticky]

4 minutes ago, giddyup said:

Are you a moderator?

 

 

Wannabe.....😉

[Ralf001]

6 minutes ago, giddyup said:

I'll ask the bank, but I don't think there is anything illegal about the surviving partner accessing money from a joint account.

 

I would have thought joint accounts have rights of survivorship.

[KannikaP]

1 minute ago, hotandsticky said:

 

 

Wannabe.....😉

No way do I. but when an OP admits ' I was mistaken, I got SCB (Standard Charted Bank), confused with SCB Thailand.', I think it can be logically deleted.

[giddyup]

1 minute ago, KannikaP said:

No, but you have admitted the mistake was on your part, so the thread is not valid.

No, I said that the SCB I Googled wasn't the SCB in Thailand, that's not to say a POD form or similar is not available here. Not up to you when a post gets closed.

[KannikaP]

Just now, giddyup said:

No, I said that the SCB I Googled wasn't the SCB in Thailand, that's not to say a POD form or similar is not available here. Not up to you when a post gets closed.

that's not to say a POD form or similar is not available here. OK, good morning.

[Lacessit]

9 minutes ago, giddyup said:

I'll ask the bank, but I don't think there is anything illegal about the surviving partner accessing money from a joint account.

Unless the surviving partner tells the bank the other account holder is dead, I see no reason why she/he can't continue to take funds from the account.

 

It might get a bit awkward if the surviving partner wanted to close the account, perhaps both people are necessary to do that.

[giddyup]

3 minutes ago, Lacessit said:

Unless the surviving partner tells the bank the other account holder is dead, I see no reason why she/he can't continue to take funds from the account.

 

It might get a bit awkward if the surviving partner wanted to close the account, perhaps both people are necessary to do that.

The one thing that might make it a bit awkward is that I set a limit of 30K a day, so it would take some time to deplete or transfer the money in the account at that rate.

[KannikaP]

16 minutes ago, giddyup said:

The one thing that might make it a bit awkward is that I set a limit of 30K a day, so it would take some time to deplete or transfer the money in the account at that rate.

Come on, it's only 900,000 a month.

[giddyup]

1 minute ago, KannikaP said:

Come on, it's only 900,000 a month.

So that would take 10 months of daily withdrawals.

[Denim]

40 minutes ago, giddyup said:

I'll ask the bank, but I don't think there is anything illegal about the surviving partner accessing money from a joint account.

 

I thought opening a joint account would solve this thorny issue of my wife being able to automatically access my funds should I die. That's when the bank said that from a legal standpoint ....not so.  Probate first.  that's when they made the ATM card suggestion and said ' who's to know ?  This was at a BB branch.  You know how it is here. A different branch might have told me something different.

So now the bulk of the money is in a safe........sorted. Not like I'm losing much in iterest rates.

[KannikaP]

5 minutes ago, giddyup said:

So that would take 10 months of daily withdrawals.

So if you have Bht9 M in the bank, why not start transferring some of it to the Mrs now, and every month. Keep the ATM card though. Or you could up your daily limit for a few months.

[chiang mai]

50 minutes ago, giddyup said:

I'll ask the bank, but I don't think there is anything illegal about the surviving partner accessing money from a joint account.

I think any account that bears the name of the deceased is supposed to be closed pending probate, even if that is a joint account. It is for this reason that I suggested an either/or account because it is not considered to be joint..

[giddyup]

17 minutes ago, KannikaP said:

So if you have Bht9 M in the bank, why not start transferring some of it to the Mrs now, and every month. Keep the ATM card though. Or you could up your daily limit for a few months.

Funny you mention that because we're going today to transfer a mil.

[giddyup]

17 minutes ago, chiang mai said:

I think any account that bears the name of the deceased is supposed to be closed pending probate, even if that is a joint account. It is for this reason that I suggested an either/or account because it is not considered to be joint..

I've never heard of that kind of account, is that what the bank calls it?

[DrJack54]

OP, suggest you ignore some advice in thread of wife using ATM after death. 

If you are only concerned about the 800k going to wife/partner then you could consider changing to income method.

I transfer 120k each month and as soon as it hits funds then transferred into partners account.

If it's more than the funds in the bank eg cars, condo etc then 100% make a Thai Will.

 

If married check with your bank if wife can be added as "silent signatory" to the account.

I know it's possible however check with bank if this is an option.

 

BTW: you can set much higher ATM limit. Even higher if ATM transfer to another account (same bank) 

K Debit Card: Withdraw up to 200,000 Baht per day, transfer up to 1,000,000 Baht per day, and purchase up to 500,000 Baht per day at VISA stores 

K Max+ Debit Card: Withdraw up to 200,000 Baht per day, transfer up to 1,000,000 Baht per day, and purchase up to 500,000 Baht per day at VISA stores 

Cardless Withdrawal: Withdraw up to 30,000 Baht per transaction and up to 500,000 Baht per day 

K-ATM Transfers: Transfer up to 200,000 Baht per day to a KBank or interbank account 

Kasikornbank also offers a K-Express Cash card that allows up to 10 withdrawals per day with no fees

[prakhonchai nick]

1 hour ago, hotandsticky said:

 

 

All mandates cease on death and whilst a surviving joint account holder is entitled to the funds, by succession, banks are likely to want see Probate (estate administration in Thailand) procedures followed. That may well cause delays.

 

I still think the best advice is not to advise the bank and use ATM/Online banking to disperse the funds (if required) - despite the questionable legality of doing that.

 

In my experience most Thai banks require the Thai eqivalent of probate, to enable a spouse or partner named in a Will to receive the deceased's funds.  No problem in a joint account holder removing./transferring funds out of the joint account and not advising the bank. If the joint account ATM expires, then problems arise as both account holders need to apply for a new one

 

Most widows/widowers, Thai or expat invariably use their spouses ATM card (if they know the PIN) to remove funds after death, regardless of it being illegal.  Problem is when the Thai wife of an expat knows the ATM PIN, several in my experience have drained the account prior to death, and therefore maybe best to keep the PIN number with a 3rd party, only to be released upon death