Awful Banking Experience.....Pls Help, Ways To Complain?

[megaman603]

My wife was persuaded to join a so-calling "money saving/investment" scheme at Bangkok Bank on 2005, they said it's a 7-years plan that we deposited 100K baht each year, and after 7 yrs we can get back totally 1M baht.

Recently, we heard that there are some cases that ppl joined these plans were misleading by the bank.....they actually need far more years to get back their money, but they haven't been told before....

so I asked my wife to check again the details when she's back in Thailand last month.

Finally a bad news! the staff told us: yes we only need to deposit for 7 yrs, but we can only get back the money after totally 15 yrs! They absolutely didn't tell us that (I was there when my wife joined the plan)......and I swear that we will not join this plan if we knew that (we didn't want a long-term investment!)

Then I wrote a email to the them from the Bangkok Bank website urged them to clarify ....Finally a branch manager only to reply that they have feedback to the staff and tell me the terms of the plan......I replied to urge them to sort out this issue and ask for escalation~~ they just disappeared since then!

I'm totally on fire and could not accept how disgraceful the way they do business...

Anyboby know in what ways I can issue a complaint and get handled properly?

Is there any Government Authorities governing those integrity of the banking system in Thailand? Or any proper channels at Bangkok Bank that I can escalate the case ?

Thanks in advance!

[Arjay]

Contact Bank of Thailand (BOT) email:ทีมพัฒนา 4 <[email protected]>

[BWPattaya]

Did you seriously expect to invest 700,000 Bt and get 300,000 Bt interest in just seven years? Consider that only 100,000 Bt has been invested for seven years, the next 100,000 Bt for six years, etc.

I accept that the Bangkok Bank may not have said that the amount had to be deposited for fifteen years, or your wife didn't hear or forget this information. Perhaps re-reading the initial paperwork may reveal the actual details.

[Heng]

Been doing this for about 4 years now... carry around a digital recorder next time (wish these were around in such cheap compact form a decade+ ago). That's the only way to keep unscrupulous sales folks from using illegal (or outright lies) when pitching investments to you. Probably one reason (apart from me hanging up on all cold calls) why I don't have to worry about this kind of thing. It's funny to see their lips shake/quiver when they are pretty much stripped of their sell 'cards.'

Works for any major/minor purchase where you sense that you are being enveloped in a warm/hot cloud of 'sales' air.

[richardt1808]

Hi,

My partner recently purchased this scheme from BBL in order to get a better rate on our home loan. The investment term was quite clearly explained to us and also was clear in the documents that they provided. I'm sure that it was written clearly in your documents too. Common sense tells us that it would be impossible to make 300,000 interest in only 7 years - they are a bank, not some high-risk investment.

[F4UCorsair]

Heng, in Australia a recorded conversation would not be admisable as evidence, in ANY case brought beofre the courts. It may be different in thailand of course, but I would think unlikely.

The only purpose it may serve is if they think you have a record that could possibly be used against them.

[fatfather]

Like anywhere else in the world, read any documents/contracts very carefully before you sign. Your signature confirms that you"ve understood the terms and conditions in a contract. Doesn't really matter what you have been told, as long as it was not a lie. You really have to pay seven years and you really get 1,000,000 paid out. The 15 years are for sure writen down in your documents. No big chance to change this...

[gotlost]

Like anywhere else in the world, read any documents/contracts very carefully before you sign. Your signature confirms that you"ve understood the terms and conditions in a contract. Doesn't really matter what you have been told, as long as it was not a lie. You really have to pay seven years and you really get 1,000,000 paid out. The 15 years are for sure writen down in your documents. No big chance to change this...

I'll guarantee the 15 years is in the contract. I have read it.

[Heng]

Heng, in Australia a recorded conversation would not be admisable as evidence, in ANY case brought beofre the courts. It may be different in thailand of course, but I would think unlikely.

The only purpose it may serve is if they think you have a record that could possibly be used against them.

Myself I don't use it as a means to obtain evidence, but to deter folks from stretching the truth (which IME they are less apt to do when they know they are being recorded). OMMV. It only feels weird the first few times you do it. And it's not like you have to record every single transaction you do, just the one's you kind of 'sense' that you should.

It's a fun item to have around with more than a few amusing applications.

Edited June 14, 2010 by Heng

[Slip]

Like anywhere else in the world, read any documents/contracts very carefully before you sign. Your signature confirms that you"ve understood the terms and conditions in a contract. Doesn't really matter what you have been told, as long as it was not a lie. You really have to pay seven years and you really get 1,000,000 paid out. The 15 years are for sure writen down in your documents. No big chance to change this...

I'll guarantee the 15 years is in the contract. I have read it.

OP- It ain't looking that healthy friend. Nevermind- at least you've got a mill coming in 15 years.

[vont]

we have purchased the similar policy from the thai military bank.

the terms are that we are to deposit 100k thb each annualized date for a period of consecutive 7 years.

only after the 7th year, insured needs not pay in any more, but the policy will continue till the end of intended coverage.

and only at that time will the insured receive the payback in full, the 1mil thb, or

at the event of the insured untimely death within the coverage of the policy, will the beneficiary receive the 1mil.

perhaps, you have forgotten some details since the implementation date. of course, i could be totally incorrect in your case and under your circumstances.

[BarnicaleBob]

Heng, in Australia a recorded conversation would not be admisable as evidence, in ANY case brought beofre the courts. It may be different in thailand of course, but I would think unlikely.

The only purpose it may serve is if they think you have a record that could possibly be used against them.

In Thailand it is against the law to record conversations with a possible jail sentence if so charges.

BB

[Heng]

Not if you inform all parties involved. No different from recording/taking notes in a classroom.

[lopburi3]

SCB has a life insurance policy (New York Life) with about the same terms (although the deposits can be much lower) where you make monthly deposits for 7 years and get back at 15 years if no claim. Also pays back a bit every two years.

[megaman603]

Contact Bank of Thailand (BOT) email:ทีมพัฒนา 4 <[email protected]>

Thx a lot!

[actiondell4]

Yes recording conversations is under the Listening Devices Act........in Australia anyway,probaly same as Thailand,you must inform the other party you are recording the conversation .However you dont neccessarily need their consent.

One wonders why people take out Life insurance anyway?