Garnishment

[Capealava]

Can US Banks freeze Banks accounts in Thailand for credit card debt? Can they request a overseas freeze if all funds in a account are specifically Social security or pension funds ? In this case Bangkok Bank

I see in the USA pension and Social Security funds cannot be garnished, but Banks can freeze all bank accounts making it impossible to access those Funds. They do not get their money but either do you.

[Bill97]

From an experienced banker friend, in answer to both your questions, Yes they can and they do.

[elektrified]

Be a man and pay your debts. Don't be a deadbeat!

[mamborobert]

I have worked in Banking and Insurance and we regularly put "hold" orders on bank accounts. Its not being garnished as such (because nothing has been taken), but the holding order can stay in effect until a debt has been paid (and that can be a government or civil debt). Banks will almost always honour these hold orders because they never know when they will have to issue a hold order and expect reciprocal arrangements. Things have gone a bit bad when it gets to this point though. Like the man said, this is not them stopping you have your money, its them stopping the,selves have THEIR money that you owe, until its paid back. I would also suggest that you play kindly and quickly, you can sign over approval to withdraw funds equal to the debt and they will lift theholder order, if you don't you will eventually end up paying or not having access to that money, and then they can perhaps drag their feet for a few days/weeks before lifting the hold order.

[amexpat]

"From an experienced banker friend..."

"I have worked in Banking and Insurance and...." in Thailand?

OP, if you want more than moral instruction, you should keep searching.

[el jefe]

I don't think US banks can freeze or garnish payments to Thai banks. However, I'll bet that the OP is using Bangkok Bank's branch in NY to accept direct deposit of his SS and pension checks, in which case he's not dealing with a Thai bank but an American bank.

[TongueThaied]

Be a man and pay your debts. Don't be a deadbeat!

U.S banks have completely screwed the whole world economy. Nobody owes them anything, and if you think the OP is a deadbeat; then you are a self righteous idiot.

[Bill97]

Be a man and pay your debts. Don't be a deadbeat!

U.S banks have completely screwed the whole world economy. Nobody owes them anything, and if you think the OP is a deadbeat; then you are a self righteous idiot.

Okay, the banks are responsible for heavy damage and are due to get their kharma for that, but not paying the debts to banks does not hurt them, they just pass their increased bad debt expenses onto other customers in higher rates and fees.

There has been no posted information from which one could reasonably infer whether or not the OP is unreasonable or irresponsible, let alone deserving to be judged to be a deadbeat or not a deadbeat.

[amexpat]

"...they just pass their increased bad debt expenses onto other customers in higher rates and fees."

That's what they would like us to believe.

And when banks have record smashing profits, do they pass the good fortune on to customers?

Nope, higher rates and fees. And executive bonuses and cutbacks in employee benefits.

When they get gazillion dollar bailouts what happens?

Higher rates and fees. And executive bonuses, of course.

When inflation ran up years ago banks were "forced" to jack credit card rates sky high.

Then when the fed rate tumbled, "Well, you see, the price of funds is a very small part of our costs".

Higher rates and fees.

[cmdream]

"...they just pass their increased bad debt expenses onto other customers in higher rates and fees."

That's what they would like us to believe.

And when banks have record smashing profits, do they pass the good fortune on to customers?

Nope, higher rates and fees. And executive bonuses and cutbacks in employee benefits.

When they get gazillion dollar bailouts what happens?

Higher rates and fees. And executive bonuses, of course.

When inflation ran up years ago banks were "forced" to jack credit card rates sky high.

Then when the fed rate tumbled, "Well, you see, the price of funds is a very small part of our costs".

Higher rates and fees.

Spot on , just do not get caught with all your funds in one Thai bank. The credit card vultures will eventually catch up with you and freeze your account. Not a good position if you live off the ATM. Keep a pile of cash just in case.

[Capealava]

"...they just pass their increased bad debt expenses onto other customers in higher rates and fees."

That's what they would like us to believe.

And when banks have record smashing profits, do they pass the good fortune on to customers?

Nope, higher rates and fees. And executive bonuses and cutbacks in employee benefits.

When they get gazillion dollar bailouts what happens?

Higher rates and fees. And executive bonuses, of course.

When inflation ran up years ago banks were "forced" to jack credit card rates sky high.

Then when the fed rate tumbled, "Well, you see, the price of funds is a very small part of our costs".

Higher rates and fees.

Spot on , just do not get caught with all your funds in one Thai bank. The credit card vultures will eventually catch up with you and freeze your account. Not a good position if you live off the ATM. Keep a pile of cash just in case.

Thank you all for your posts. A rather delicate subject. I do not consider myself a dead beat-just caught up in credit card interest rate increases and medical problems I have to pay for. I will have my Social security check sent to Us embassy and avoid banks and use my wife account.

[maesai]

Unless you have been sued in civil court, and have a judgement against you, you have nothing to worry about. As credit card debt is unsecured, the creditors can not seize or freeze your assets.

[BarnicaleBob]

Your creditor needs to have a judgment against you before they can attach or freeze your bank accounts (the only exception to that is the IRS). So if you have not been served a notice of a suit against you, it is not likely they are going to go after your bank account. Also, if you have not been served yet, I would not accept any registered mail from anyone in the States. It will be difficult to sue you if they have not served you with a notice.

Another way to obtain a little more protection is to have a joint account with someone such as an adult child or other relative you trust with a different last name. They should not be able to freeze a joint account unless there has been a judgment against both persons on that account.

[Bill97]

You are getting a lot of advice based on people's thoughts on US law. If a bill collector in Thailand is engaged to collect the debt, it could well be a very very different ball game. Are you ready to play? The bank account is not the only thing they can go after.

[wimpy]

You are getting a lot of advice based on people's thoughts on US law. If a bill collector in Thailand is engaged to collect the debt, it could well be a very very different ball game. Are you ready to play? The bank account is not the only thing they can go after.

Has there ever been a case of a US based credit card company hiring a Thai "bill collector"? I think not.

[WinnieTheKhwai]

They can only block it if they can find it.

( So to be safe, put it all in an account that I open, then I give you the ATM card. )

Edited May 31, 2010 by WinnieTheKhwai