Joint Account For Visa Purposes

[jaideeguy]

I need to know if Thai immigration will accept a joint account for satisfying their monetary requirements. and will a time deposit work?? Joint account will be in my father's and my name.

[lopburi3]

If it contains 1.6 million I believe they will. They will not accept a 800k joint account.

[jaideeguy]

Maybe I should clarify...I'm on a 'family visa' and qualify separately from my father who is on a 'retirement visa' and the reason for wanting to have a joint account is that he is 89 yrs and when he passes on, his account could be locked by the bank or govmt. He is fully aware of this and does not want the baht to be held up in the bank.

[lopburi3]

From every report I have seen they will not allow 800k for retirement if in a joint account. There is nothing to prevent removal the day after extension is approved and then return next year so that would limit problem to 3 months rather than 12. And if you hold the ATM card don't believe there would be much of a problem removing the money. If he has pension you could lower the bank requirement by using Embassy letter.

[jaideeguy]

Actually, my father's account is in a fixed term account for decent interest rates, but has no ATM card attached to it. Maybe I should apply for a power of attorney to have legal authority to 'close' that account when he 'closes'?

[Dork]

Or you could have your Father sign blank account withdrawal forms. If they named you (on the back of the withdrawal form) as the nominee but you don't sign the form then that should be pretty safe. You would need a signed copy of your fathers passport as well.

[jaideeguy]

Actually, that was suggested by my friendly bank clerk, but I was wondering about the legality of that. Now, it is seeming that I should obtain a power of attorney for his affairs because of the new immigration regulations requiring retirees to swear on an affidavit their pension income. I'll post separately for info on Thai POA.

Thanks for your input.....

[lopburi3]

What new regulation? This is the first I have seen of any "swear an affidavit" of pension income when using bank deposit extensions of stay.

[WilliamIV]

Is a Power of Attorney valid after the death of the Giver?

When an account holder dies - it is surely illegal for anyone to withdraw from the account

by ATM, Signed withdrawal form or cheque

Only a Joint Account Mandate that provides for "Either or Survivor"

will resolve this problem

Bill

[Maestro]

To the best of my knowledge no bank opens an “or” account. For a joint account, it is always “and” (in Thai: และ)

--

Maestro

[ballbreaker]

I would think a will would take care of what you need.

[WilliamIV]

To the best of my knowledge no bank opens an "or" account. For a joint account, it is always "and" (in Thai: และ)

--

Maestro

The Title of the Account may well be "A and B"

But that does not mean that Both must sign for a withdrawal does it?

Surely a withdrawal form or cheque can be signed by A OR B ???

And upon the death of one the Mandate will provide for the funds to be

paid to the Survivor.

[lopburi3]

Thailand has both A & B and A or B as far as withdrawals go. And even when A or B they will often insist on both parties signing anything (like Immigration letter).

[naka]

Actually, my father's account is in a fixed term account for decent interest rates, but has no ATM card attached to it. Maybe I should apply for a power of attorney to have legal authority to 'close' that account when he 'closes'?

That might prove to be a difficult knot to untangle.

A solution that does not involve lawyers might be a better idea. Otherwise you may find the

legal fees for what you propose are waaay more than the benefits of the fixed term deposit !

Naka.

[mrsmith]

for what it is worth, you father should name you as power of attorney, also consider a

living will. maybe your father can get a atm card??[/b]

Actually, that was suggested by my friendly bank clerk, but I was wondering about the legality of that. Now, it is seeming that I should obtain a power of attorney for his affairs because of the new immigration regulations requiring retirees to swear on an affidavit their pension income. I'll post separately for info on Thai POA.

Thanks for your input.....