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.