Siam Commercial Bank Cancel Its "Millionaire" Card

[george]

Siam Commercial bank cancel its "millionaire" card

BANGKOK: -- Siam Commercial Bank has cancelled its "milionaire" card, a new savings product entitling clients to annual interest and a lucky draw.

Launched on May 1, the product is against the Bank of Thailand's new regulation issued on May 6, the bank said.

In the regulation, the BOT bars financial institutions from launching products which offer rewards that could not be counted as annual returns.

In a statement, the bank said that it is finding ways to return investment to clients. They will be informed accordingly.

-- The Nation 2011-05=08

[mca]

Does that mean I've got to give my SCB umbrella back:?

[Phuket Stan]

Does that mean I've got to give my SCB umbrella back:?

Yes and with interest

[mca]

Yes and with interest

Will they accept one of those little ones they put in cocktails?

[Pib]

Launched on May 1, the product is against the Bank of Thailand's new regulation issued on May 6, the bank said.

And the bank didn't have a clue the new reg was coming out? New regulations just don't appear overnight as they usually undergo review/public/company feedback before going final/being published. Oh well, the bank will probably just replace the Millionaire Card program with a new fee for make up for the lost new business opportunity.

[JeffreyMcCollum]

Does that mean I've got to give my SCB umbrella back:?

Yes and with interest

Do it on a sunny day, you know umbrellas cost 3 times more when it is raining outside and you need one

[WyattEarp]

Banks and insurance companies are happy to lend you an umbrella as long as the sun is shining, but want it back as soon as it starts raining.

[asiawatcher]

Nothing is free... there will be raised fees to cover such 'incentives' many times the value of the prize.

And in case it is not yet known, the Thai 'Elite' cards have now been cancelled after taking millions from Expats. A system introduced by Thaksin and financially administered by his now divorced wife!

Scams in Thailand at the highest levels.

Edited May 8, 2011 by asiawatcher

[kumsamut]

welcome to tor-lae land.

[richard_smith237]

Nothing is free... there will be raised fees to cover such 'incentives' many times the value of the prize.

And in case it is not yet known, the Thai 'Elite' cards have now been cancelled after taking millions from Expats. A system introduced by Thaksin and financially administered by his now divorced wife!

Scams in Thailand at the highest levels.

Things went very quiet after the Bangkok Post article regarding the T.E. Program; which as no suprise came on time as the 'Bi-Annaul Thai Elite Witch hunt' by the Bangkok Post. No further news has been made available regarding the future of the Thai Elite Program.

[dunkin2012]

i have very bad experience with SCB.

They couldn't even answer my question for the exchange rate was too high.

but i LOVE the way they do business. legal scam!!!!!

every transaction thing will be charged.........

recommend to buy their shares.

Edited May 8, 2011 by dunkin2012

[janverbeem]

Nothing is free... there will be raised fees to cover such 'incentives' many times the value of the prize.

And in case it is not yet known, the Thai 'Elite' cards have now been cancelled after taking millions from Expats. A system introduced by Thaksin and financially administered by his now divorced wife!

Scams in Thailand at the highest levels.

Things went very quiet after the Bangkok Post article regarding the T.E. Program; which as no suprise came on time as the 'Bi-Annaul Thai Elite Witch hunt' by the Bangkok Post. No further news has been made available regarding the future of the Thai Elite Program.

Wel if there is no future then I guess there is also no reason to post more news,not.

[Heng]

I suppose the Gov't Savings Bank and the Bank of Agriculture get free passes for their 'lucky draws.'