george Posted May 8, 2011 Share Posted May 8, 2011 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 Link to comment Share on other sites More sharing options...
mca Posted May 8, 2011 Share Posted May 8, 2011 Does that mean I've got to give my SCB umbrella back:? Link to comment Share on other sites More sharing options...
Phuket Stan Posted May 8, 2011 Share Posted May 8, 2011 Does that mean I've got to give my SCB umbrella back:? Yes and with interest Link to comment Share on other sites More sharing options...
mca Posted May 8, 2011 Share Posted May 8, 2011 Yes and with interest Will they accept one of those little ones they put in cocktails? Link to comment Share on other sites More sharing options...
Pib Posted May 8, 2011 Share Posted May 8, 2011 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. Link to comment Share on other sites More sharing options...
JeffreyMcCollum Posted May 8, 2011 Share Posted May 8, 2011 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 Link to comment Share on other sites More sharing options...
WyattEarp Posted May 8, 2011 Share Posted May 8, 2011 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. Link to comment Share on other sites More sharing options...
asiawatcher Posted May 8, 2011 Share Posted May 8, 2011 (edited) 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 Link to comment Share on other sites More sharing options...
kumsamut Posted May 8, 2011 Share Posted May 8, 2011 welcome to tor-lae land. Link to comment Share on other sites More sharing options...
richard_smith237 Posted May 8, 2011 Share Posted May 8, 2011 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. Link to comment Share on other sites More sharing options...
dunkin2012 Posted May 8, 2011 Share Posted May 8, 2011 (edited) 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 Link to comment Share on other sites More sharing options...
janverbeem Posted May 8, 2011 Share Posted May 8, 2011 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. Link to comment Share on other sites More sharing options...
Heng Posted May 8, 2011 Share Posted May 8, 2011 I suppose the Gov't Savings Bank and the Bank of Agriculture get free passes for their 'lucky draws.' Link to comment Share on other sites More sharing options...
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