Deposit For Electric Company

[chewang 0]

Hello all,just wondering if anyone can throw some light on this,<br /><br />                                                                                                               i have a small commercial development which is basically twelve shop units i lease out.I have received a letter from the electric company saying they want an additional 90 000 baht deposit.Ive already given a 40 000 baht deposit so a total of 130 000 baht is required.My monthly bill comes to 65 000 baht approx. so this is basically a two month deposit.The electric company said my bank can help me with the guarantee paper so a quick trip to my local Bangkok bank and im informed that i must deposit the 90 000 baht in a seperate account which i cannot access and it will cost 1800 baht a year to service the account.My lease is for twenty years and its money which i will probobly never see again.Is this standard practice or is there a way around this ?Thanks in advance for any help.<br /><br />

[Naam 14115]

"The electric company said my bank can help me with the guarantee paper so a quick trip to my local Bangkok bank and im informed that i must deposit the 90 000 baht in a seperate account which i cannot access and it will cost 1800 baht a year to service the account."

typical impertinence of a bank charging you 2% for a bank guarantee AND demanding the full amount in frozen cash. do they offer you any credit interest for the 90k in the separate account?

[chewang 0]

Hello Naam,no interest on a savings account for a non resident, i will pay them a visit tomorrow and ask about a fixed account.Im just pissed off with having to freeze the money for so long !