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

[chiang mai]

27 minutes ago, giddyup said:

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

Staff at UOB understood what I referred to when I opened such an account with my wife. Basically, two people each apply independently to open an account which will  end up having the same account number and a single book. This is different from where two people apply jointly to open the same account together which is in joint names. One person has to take responsibility for the tax on the account (is interest is paid) and both parties are needed to close the account. Otherwise, two people can transact independently of each other, on the account. I understand that some banks in the West refer to this as a Either or Survivor account.

[KannikaP]

51 minutes ago, giddyup said:

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

Nah, give her all of it for Christmas. 555

[Denim]

1 hour ago, DrJack54 said:

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

 

I would like to point out that that was not my advice but the banks advice. I decided to ignore this and get myself a decent safe.

[Captain Flack]

An off topic post and replies have been removed. Please discuss the topic, not each other.

[ericbj]

2 hours 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..

What exactly is an "either/or account"?

 

When I, accompanied by friend, asked to open a joint savings account with the SCB, they asked "Both to sign, or either to sign?"
I replied "Either to sign."
We both have ATM cards for the account

 

This account is in case of necessary expenditure when I happen to be abroad; or if incapacitated.
The friend is a long-standing acquaintance, whom, years ago, I assisted during more than eight years with her studies for an Australian Open University degree.

[giddyup]

2 hours ago, prakhonchai nick said:

 

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

My partner has had my Pin numbers for years, never had a worry about her dipping into the accounts, although she could they as they are joint accounts. She has her own account  with a couple of mil in as well.

[BigStar]

I seem to recall a post some time ago claiming it's possible to add a "shadow owner" to an account--at some bank or another, forgot which. The shadow owner (partner) isn't listed on the book (or was it, can't be seen?), so that Immigration doesn't know the account is actually a joint account.  

[RocketDog]

3 hours 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.

If it is drawn down to nil the bank closes it in time.

No worries mate.

[chiang mai]

1 hour ago, ericbj said:

What exactly is an "either/or account"?

 

When I, accompanied by friend, asked to open a joint savings account with the SCB, they asked "Both to sign, or either to sign?"
I replied "Either to sign."
We both have ATM cards for the account

 

This account is in case of necessary expenditure when I happen to be abroad; or if incapacitated.
The friend is a long-standing acquaintance, whom, years ago, I assisted during more than eight years with her studies for an Australian Open University degree.

Read my earlier post again. Some banks call it an "either or Survivor" account. Ask your bank about it, it's not a joint account, it's effectively two separate account applications but with the same number and same book, applied for in full individually. 

[digger70]

5 hours 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.

AI Overview

Learn more

Many banks in Thailand offer payable-on-death (POD) accounts, including:

Bangkok Bank (BBL)

Kasikorn Bank (KBANK)

Siam Commercial Bank (SCB)

Krung Thai Bank (KTB)

Bank of Ayudhya (Krung Sri Bank)

Government Savings Bank (GSB)

TMBThanachart Bank (TTB)

United Overseas Bank (UOB) 

A POD account is a bank account that has a named beneficiary. When the account holder and any remaining co-owners pass away, the beneficiary can easily withdraw the assets from the account without going through probate. To open a POD account, you can fill out the relevant beneficiary forms at the bank, which are often available online. 

[In Full Agreement]

4 hours 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.

 

 

 

Don't believe all you read on the net.    For sure the bank will require a notice from thecourt based on your THAI Will.       I wish your claim was accurate but alas I'm afraid it's not.

 

 

[Sheryl]

3 hours ago, digger70 said:

AI Overview

Learn more

Many banks in Thailand offer payable-on-death (POD) accounts, including:

Bangkok Bank (BBL)

Kasikorn Bank (KBANK)

Siam Commercial Bank (SCB)

Krung Thai Bank (KTB)

Bank of Ayudhya (Krung Sri Bank)

Government Savings Bank (GSB)

TMBThanachart Bank (TTB)

United Overseas Bank (UOB) 

A POD account is a bank account that has a named beneficiary. When the account holder and any remaining co-owners pass away, the beneficiary can easily withdraw the assets from the account without going through probate. To open a POD account, you can fill out the relevant beneficiary forms at the bank, which are often available online. 

Do you have a (non AI) link for this? As these banks have told me differently i.r. no POD provision for Thai Bank accounts.

 

I have a Thai will specifically for this reason. 

[giddyup]

Slightly off topic, but has anyone used a joint account for the 800K? I know I did once years ago, and was told that they would only assess half the money in a joint account, ie would need a minimum of 1.6 mill, but not sure if that's still acceptable.

[scorecard]

5 hours 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.

 

Have you spoken to SCB, local manager and call centre to be sure what yu/re saying is correct?  

[giddyup]

5 minutes ago, scorecard said:

 

Have you spoken to SCB, local manager and call centre to be sure what yu/re saying is correct?  

Already corrected myself re the POD form.

[bkk6060]

A false opinion according to a lawyer I spoke to in Bangkok is regarding putting someone as a signatory on their account.  Thinking, when they die the signatory will be able to access the funds.

I was told the signatories access to the account ends upon the death of the main account holder.

But, I guess ask your bank what their rules are regarding this.

[GypsyT]

41 minutes ago, Sheryl said:

I have a Thai will specificslly for this reason. 

You must be farang. Thai woman would never do that mistake....

 

[prakhonchai nick]

1 hour ago, RocketDog said:

If it is drawn down to nil the bank closes it in time.

No worries mate.

Why close it? Just leave 20bt in and it will lapse in time

[giddyup]

48 minutes ago, bkk6060 said:

A false opinion according to a lawyer I spoke to in Bangkok is regarding putting someone as a signatory on their account.  Thinking, when they die the signatory will be able to access the funds.

I was told the signatories access to the account ends upon the death of the main account holder.

But, I guess ask your bank what their rules are regarding this.

There is no main account holder with a joint bank account, not that I'm aware of.

[crazykopite]

I can confirm trying to get money from a deceased bank account in Thailand is an absolute nightmare even if like me you are named in the Thai will as the executer of the deceased estate lawyers have to be used along with the court’s approval which becomes expensive 

[crazykopite]

4 hours ago, Sheryl said:

Do you have a (non AI) link for this? As these banks have told me differently i.r. no POD provision for Thai Bank accounts.

 

I have a Thai will specifically for this reason. 

They might offer it but I can tell you as an executor of a Thai will the bank  refused to hand over any monies even though I was in possession of the death certificate and will which was in both Thai and English . I was informed the only way to have monies refunded to the deceased estate was via the courts / lawyers which is not only expensive but is exhausting . I now have given my NOK my card details in order that they can withdraw monies from my account when I’ve gone,  the lawyer advised me to do this apparently it’s common practice in Thailand 

[chiang mai]

UOB

 

11. Other conditions 11.1 The depositor is aware that account opening by using a joint account name under a money order that any depositor has the right to withdraw money, either entirely or partially. If any joint depositor passes away, the depositor, who remains alive, has the right to withdraw money from this account, either entirely or partially

 

https://www.uob.co.th/assets/web-resources/pdf/personal/tandc/savings/tc-savings-fixed_account-01Jun2021_en.pdf

[chiang mai]

Kasikorn

 

5. In case of a joint account where each of the co-Depositors is allowed to withdraw the deposit individually, either in full or in part, if any of the co-Depositors dies, the other surviving co-Depositor(s) shall have the right to withdraw the money from the joint account, either in full or in part. If the Bank has been informed of the death of any coDepositor, the Bank may not pay the other surviving co-Depositor(s). The other surviving co-Depositor(s), together with the administrator of the estate or the deceased’s heirs (as the case may be), shall withdraw the money or close the account, unless the Bank deems otherwise.

 

https://www.kasikornbank.com/en/Download/TC/TAC_Savings_23052020-en.pdf

[thailand49]

This is my situation live in Pattaya, Darkside, I have several BB accounts in different branches one in town two on the Darkside.

 

Years back I opened another Joint account with wife on Soi Siam across from market. Noted every branch seem to have different standard question concern like the ops if I die or got hurt real bad would she have access to funds. Told it is Joint yes she does I op not to have a ATM. I transfer the majority of funds from our Joint BB in town branch. 

 

Next day to test this was true we went back to bank she took book of filled out a withdraw slip for 200,000 baht no problem I filled out a deposit slip put it right back in.

 

In Jomtien Immigration I'm able use this same joint book as long as it has 1,600,000 for my extension. It has well over that this account never withdraw money. 

 

 

[chiang mai]

I haven't been able to find anything similar for Bangkok Bank. An AI notice that I read said the BB does not have Either or Survivor accounts but I haven't been able to verify that.

[bluemoon58]

20 hours ago, Denim said:

So, my solution is to keep a large part of the available money in a safe at home

Where was it you said you lived? 😉

[chiang mai]

The Terms and Conditions of the savings accounts above seem to give the best of all worlds. If a joint account holder dies, the other account holders can withdraw funds, UNLESS the bank is told that person has died, in which case they may refuse and insist on Probate. That seems to be very straight forward. The bank has no obligation to insist on Probate, if they don't know the account holder has died and that's fair enough.

 

However, I would guess that the responsibility then falls on the other party to the account, who is probably legally obliged to inform the bank of the death and if they don't, they are not inline with the terms and conditions of the account and probably not in line with the law either. In short, the bank is off the hook but the remaining account holder is probably at risk.

[Denim]

1 hour ago, bluemoon58 said:

Where was it you said you lived? 😉

In a yurt in Fort Knox.

[jacko45k]

22 hours 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?

The police would know and I suspect they would act to have accounts locked. 

[giddyup]

6 hours ago, thailand49 said:

This is my situation live in Pattaya, Darkside, I have several BB accounts in different branches one in town two on the Darkside.

 

Years back I opened another Joint account with wife on Soi Siam across from market. Noted every branch seem to have different standard question concern like the ops if I die or got hurt real bad would she have access to funds. Told it is Joint yes she does I op not to have a ATM. I transfer the majority of funds from our Joint BB in town branch. 

 

Next day to test this was true we went back to bank she took book of filled out a withdraw slip for 200,000 baht no problem I filled out a deposit slip put it right back in.

 

In Jomtien Immigration I'm able use this same joint book as long as it has 1,600,000 for my extension. It has well over that this account never withdraw money. 

 

 

Thanks, that would solve the problem of my partner not being to access the 800K I use for Immigration. Just transfer that money into our joint account which has much more than the 1.6 mill needed. Question is, when would be the right time to do it without causing Immigration problems?