Questions:

1) If an account is closed because you don't t meet the requirements, is the remaining funds returned?

2) What are the possible reasons why a bank keeps a customer's money after closing the account?

3) Is the refund immediate, or does it take days, weeks, months, or years?

Thank you for your answers, great as always.🙏🙏

How much cash are we talking about here ?

They'll keep the money if they think it's money laundering, next

4 minutes ago, scubascuba3 said:

They'll keep the money if they think it's money laundering, next

So this will be the only reason to keep the money and not refund the owner?

1 hour ago, Mika78 said:

So this will be the only reason to keep the money and not refund the owner?

Yep, they are obligated to freeze and keep money laundering money, bank accounts can be frozen if suspected some crime, lawyers get hired to unfreeze accounts

I am not sure how it works in Thailand, but some people I know have had accounts overseas where the bank asked them to close the account, and others have experienced the same situation. The bank is not obliged to explain why the account must be closed, but they typically give 30 or 60 days to withdraw all the money. From what I have seen, this process is usually quite civilized.

 

The idea of locking your accounts because there is suddenly an issue with meeting the latest banking documentation requirements is something I have never seen in any other country. Normally, if a bank requires additional documentation, they provide a deadline to submit it and if you can't provide it then the account would normally be closed. I have observed this with banks conducting KYC checks on existing customers. It's common.

 

I am not aware of anyone in Thailand having an account permanently locked and the funds confiscated because they no longer meet banking requirements though. If such a case occurred, in my opinion, it would be unprecedented and highly illegal unless the bank could prove the money was obtained illegally through some criminal activity; drugs, fraud, robbery, money laundering, etc.