Death In The Family – Money In Bank?

[Beachcomber]

Hi

Anyone had any experience with a Thai person dying and then the surviving family members trying to get access to the bank account?

A friend of my Ms Beach’s died recently, she left no will so (I guess) the estate goes to the next of kin which is her children.

Ms Beach tells me that the children are having difficulty getting the money from their late mothers account. Apparently even if they go to the bank and produce all the documents proving that the account holder (the late mother) is in fact ‘late’ it is up to the bank whether they will release the money, or not.

It is not a large amount but surely the bank cannot on an individual basis decide what to do in a situation like this.

I know Thai banks are a law unto themselves, with the crappy service they provide and have the nerve to charge for the crap, but this is a bit too much.

[Heng]

It's not as simple as that, and most bank managers would tell you to file with the court to become executor of the estate (or in Thai "manager of the estate/inheritance"). The court will then decide if the applicant is the rightful applicant and the results of that decision can then be used to withdraw funds from the bank. If the funds aren't substantial, it may not even be worth the trouble.

[Beachcomber]

This is what is said, it is not worth the trouble.

What do the banks do with all the money???

How many cases over the years are ‘not worth the trouble’ what happens to all the ‘not worth the trouble money’?

[Heng]

It sits in the bank. Happens all the time in all kinds of businesses.

If you follow the correct procedures though, you definitely CAN access the funds.

[Beachcomber]

Just out of interest what do couples, married or otherwise, do about their bank accounts?

As we all have to have money in the bank to be here what would happen if ‘husband’ got killed and the wife did not have a PIN number.

How long would it take for her to get at the money?

What is the general consensus? Does your other half have your PIN number?

At this time Ms Beach does not have my PIN number mainly because I never thought about it too much but now with the problem of getting access to money in the event of something happening to me I will let her have it. She would not need the extra worry of dealing with officious bank manager.

[marshbags]

Just out of interest what do couples, married or otherwise, do about their bank accounts?

As we all have to have money in the bank to be here what would happen if ‘husband’ got killed and the wife did not have a PIN number.

How long would it take for her to get at the money?

What is the general consensus? Does your other half have your PIN number?

At this time Ms Beach does not have my PIN number mainly because I never thought about it too much but now with the problem of getting access to money in the event of something happening to me I will let her have it. She would not need the extra worry of dealing with officious bank manager.

Hiya Beachcomber

We filled a special form out at the Kaisikorn bank which enables either partner to benefit.

We also have a joint account for our daughter at the same bank to assist easier access for her

when need be.

Every bank has/ should have a similar facility available, just ask at the enquiry desk or better still branch manager of whatever bank you are using.

Keep a copy in a safe place for future reference and make sure it is signed/stamped again.

marshbags

[steveromagnino]

It is not a large amount but surely the bank cannot on an individual basis decide what to do in a situation like this.

I know Thai banks are a law unto themselves, with the crappy service they provide and have the nerve to charge for the crap, but this is a bit too much.

SO.... if someone has documents to say I am dead, they should be able to access my account? Don't think that is how it works for most banks here or otherwise.

Executor of the will can do something about this. If the person leaves no will, then expect to waste some time. if the bank just handed out to the next of kin, and then the rightful owner showed up what is the bank going to do...ask for it back!?! Or one child shows up....and then another older one shows up to dispute later one?! Hmmm?

Solution: have a will.

Possible solution: use an ATM card to drain the account.

It is a funny thing that people know my job; often when walking around people say about me under their breath, 'what a banker'... now this seems strange that they all know my previous occupation?!