Extension of Stay - K-Bank Refuses to Update Passbook on Fixed Deposit Acct

[Beerburi]

What the name of the K-bank Fixed Savings account you guys are talking about? Got a link to the K-bank webpage talking specifically about it, rules, conditions, etc.? Thanks.

I had the exact same situation as the op on my last retirement extension. I have one year fixed term deposit at Kbank and could not get passbook update by making a deposit but was able to withdraw 1000 baht to enable passbook update. I lose the interest on 1000 baht but the interest rate on the remaining balance is intact with original maturity date, all printed out in the update.

So I wouldn't blow off Kbank entirely, but next year I'll only withdraw 100 baht.

just draw 100 baht out of it. you can and you just lose the interest on the 100 baht. then the bankbook will show latest ammount.

Pib,

Sorry, I don't have any specifics or links to provide about this particular fixed term deposit. Only that it is in a Kasikorn Bank "Time Deposit" passbook, 12 month term at 2.70%, interest taxed at 15%. It rolled over automatically on the due date.

[Pib]

What the name of the K-bank Fixed Savings account you guys are talking about? Got a link to the K-bank webpage talking specifically about it, rules, conditions, etc.? Thanks.

I had the exact same situation as the op on my last retirement extension. I have one year fixed term deposit at Kbank and could not get passbook update by making a deposit but was able to withdraw 1000 baht to enable passbook update. I lose the interest on 1000 baht but the interest rate on the remaining balance is intact with original maturity date, all printed out in the update.

So I wouldn't blow off Kbank entirely, but next year I'll only withdraw 100 baht.

just draw 100 baht out of it. you can and you just lose the interest on the 100 baht. then the bankbook will show latest ammount.

Pib,

Sorry, I don't have any specifics or links to provide about this particular fixed term deposit. Only that it is in a Kasikorn Bank "Time Deposit" passbook, 12 month term at 2.70%, interest taxed at 15%. It rolled over automatically on the due date.

Yea, looks it could very well be the standard type of fixed account with a 12 month maturity/term. You made the initial Bt1M deposit 27 Dec 11, it matured 12 months later on 27 Dec 12, they then paid the approx. Bt27K in interest immediately followed by the deduction of the 15% withholding tax. Be sure to file with your local revenue to get that withholding refunded to you...maybe you did...you should have filed in Jan-Mar 13 for that refund...but you have up to 3 years to file for a refund....it's an easy process.

Now I don't know what interest rate it started earning after it matured on 27 Dec 12 but it sure appears the due date shows 27 Dec 13 with that 2.7% at the top of the passbook page so that indicates to me it automatically rolled over or you requested it to be rolled over into another 12 month term with a maturity date of 27 Dec 13 month maturity. No additional interest will be paid until then. Or maybe that 2.7% entry is a hold over from your initial 12 month term and you are now earning something completely different for your current 12 month term.

Now since you withdrew that 1000 baht you mentioned earlier on 7 Mar 13 "after" you entered your "new" 12 month term you may have just wiped out most of the interest earned from 27 Dec 12 or it was reduced to the lower 3 month term rate or even much more lower regular savings account rate...and then after that 7 Mar 13 Bt1000 withdrawal you started earning the 12 month/2.7% rate again (or whatever your current 12 month term is paying). But as mentioned you just may have lost most of that 2.7% rate you may have been earning between 27 Dec 12 and 7 Mar 13.

Lot of different fixed accounts out there with different terms and conditions. You might want to confirm what the terms and conditions are for your fixed account as making a small withdrawal before the account matures can wipe out/reduce a lot of the interest earned. Take a look at that Bangkok Bank link I gave earlier as to how their standard fixed account works regarding early full/partial withdrawals....most Thai banks have very similar products/services/terms and conditions.

And if you did lose a interest accumulated over those approx. 3 months, K-bank is probably smiling big as they will be paying you less for use of your money.

Edited September 12, 2013 by Pib

[snooky]

They must have changed the regulations somewhere. When I first applied for my (retirement) extension some years ago, I was told that fixed or 'time' deposit accounts were not allowed for backup purposes. But do get a decent interest rate at KrungThai Bank savings account.

Edited September 12, 2013 by snooky

[Sophon]

I have received extensions the last two years based on deposit on a K-Bank "step-up" fixed deposit account. Like the account used by the OP you can not deposit extra money into such an account, and you can also not make a partial withdrawal. And as mentioned K-Bank's system doesn't allow for a normal update if there are no new transactions when updating.

With my first extension my branch tried to solve the problem by printing a dated account statement, but this was not accepted by Bangkok Immigration. They insisted that the passbook had to be updated on the same date as the bank letter. The K-Bank branch on Suan Phlu (this was during the floods when Immigration temporarily moved back to Suan Phlu) solved the problem by depositing zero Baht into the account. While it's not possible to deposit extra money into these accounts, the system will accept a zero Baht transaction.

The next year I gave up on getting the letter and update of passbook done in my own branch. The K-Bank branch in the Chaeng Wattana complex knew about the zero Baht deposit "trick", so all went smoothly.

The deposit of zero Baht had no ill effect on my account, and interest was subsequently credited as it should. So while it's true that a normal update is not possible on a K-Bank fixed deposit account passbook, if you can convince the teller that it's possible to deposit zero Baht that should solve your problem. It did for me anyway.

Sophon

[Pib]

I have received extensions the last two years based on deposit on a K-Bank "step-up" fixed deposit account. Like the account used by the OP you can not deposit extra money into such an account, and you can also not make a partial withdrawal. And as mentioned K-Bank's system doesn't allow for a normal update if there are no new transactions when updating.

With my first extension my branch tried to solve the problem by printing a dated account statement, but this was not accepted by Bangkok Immigration. They insisted that the passbook had to be updated on the same date as the bank letter. The K-Bank branch on Suan Phlu (this was during the floods when Immigration temporarily moved back to Suan Phlu) solved the problem by depositing zero Baht into the account. While it's not possible to deposit extra money into these accounts, the system will accept a zero Baht transaction.

The next year I gave up on getting the letter and update of passbook done in my own branch. The K-Bank branch in the Chaeng Wattana complex knew about the zero Baht deposit "trick", so all went smoothly.

The deposit of zero Baht had no ill effect on my account, and interest was subsequently credited as it should. So while it's true that a normal update is not possible on a K-Bank fixed deposit account passbook, if you can convince the teller that it's possible to deposit zero Baht that should solve your problem. It did for me anyway.

Sophon

I couldn't find anything active on the Kbank web site about the "step-up" fixed account, but did find this K-bank news announcement about it from last year. Is it the same fixed account? Appears sign-up for this particular fixed account promotion ended on 31 Aug 12...bank promotions come and go so fast and often. I do see in the announcement a person could make withdrawals before the maturity date but there was still an interest penalty...but it may have been a different fixed account type that what you are talking about even thought the name appears very similar.

Although I didn't see anything active on the K-bank website about this "step-up" fixed account, maybe I just didn't see it. Do you know if this type fixed savings account is still available to new members? Thanks.

[lopburi3]

Indeed it was the Chiang Watanna branch that made the 0.00 TRD (transfer deposit transaction) I reported in post #35 so it is possible for them to update and both of us have had it done.

[Sophon]

I have received extensions the last two years based on deposit on a K-Bank "step-up" fixed deposit account. Like the account used by the OP you can not deposit extra money into such an account, and you can also not make a partial withdrawal. And as mentioned K-Bank's system doesn't allow for a normal update if there are no new transactions when updating.

With my first extension my branch tried to solve the problem by printing a dated account statement, but this was not accepted by Bangkok Immigration. They insisted that the passbook had to be updated on the same date as the bank letter. The K-Bank branch on Suan Phlu (this was during the floods when Immigration temporarily moved back to Suan Phlu) solved the problem by depositing zero Baht into the account. While it's not possible to deposit extra money into these accounts, the system will accept a zero Baht transaction.

The next year I gave up on getting the letter and update of passbook done in my own branch. The K-Bank branch in the Chaeng Wattana complex knew about the zero Baht deposit "trick", so all went smoothly.

The deposit of zero Baht had no ill effect on my account, and interest was subsequently credited as it should. So while it's true that a normal update is not possible on a K-Bank fixed deposit account passbook, if you can convince the teller that it's possible to deposit zero Baht that should solve your problem. It did for me anyway.

Sophon

I couldn't find anything active on the Kbank web site about the "step-up" fixed account, but did find this K-bank news announcement about it from last year. Is it the same fixed account? Appears sign-up for this particular fixed account promotion ended on 31 Aug 12...bank promotions come and go so fast and often. I do see in the announcement a person could make withdrawals before the maturity date but there was still an interest penalty...but it may have been a different fixed account type that what you are talking about even thought the name appears very similar.

Although I didn't see anything active on the K-bank website about this "step-up" fixed account, maybe I just didn't see it. Do you know if this type fixed savings account is still available to new members? Thanks.

I currently have that account, but the ones I used for my extensions were different (but similar) promotions.

When they write "Withdrawals before maturity will earn 1.85 percent p.a. for the actual deposit period", what they are saying is that if you withdraw the total balance before maturity, you will still earn interest at the initial rate of 1.85% p.a. It is not possible to make a partial withdrawal.

K-Bank doesn't currently have a step-up promotion, but they have had them every now and then over the last few years. Maybe they don't need extra deposits now, seeing that there haven't been a new promotion since July last year.

Sophon

[Pib]

Today when Bangkok Bank updated my fixed account passbook just before preparing the bank letter they updated my passbook to ensure it would reflect a balance dated for today. The clerk put it in her machine and then it printed a new balance with today's date. The code on the passbook was B/F which I think stands for Balance Forward...or their way to make the current balance printout without any deposit/withdrawal of money. But I'm guessing.

[Sophon]

Indeed it was the Chiang Watanna branch that made the 0.00 TRD (transfer deposit transaction) I reported in post #35 so it is possible for them to update and both of us have had it done.

For the teller an update is a different function than a deposit. So if you ask the average teller without extensive knowledge of K-Bank's system to do an update, you will be told that it is not possible if there has been no transactions. And technically he/she will be correct, it is not possible to make an "update" in their system. However (as you mention), you can achieve the desired result by making a zero Baht deposit, but in most cases it is probably something you have to suggest to the teller yourself.

Sophon

[mdmayes]

Here's an interesting addendum. K-Bank refused to put anything in writing about the old fixed deposit accounts. We asked if they would write a letter saying that I had not less tha 1.3 million baht on deposit with them continuously since July X, 2011. They refused.

Toast that bank and go to one that provideds better service...

[mdmayes]

Toast the k bank and go to another bank that will give you better service.

Also thanks for the heads up...I will not be using k bank for my deposits in the future.

[JLCrab]

Note to Ratsima if he hasn't already solved issue: US Consular Outreach Udon Thani 18 SEP 2013 8 AM - 12 Noon at Centara Hotel. Services available:

Notarial Services and Certified Copies ($50.00 or Baht 1,500). This includes income affidavits for retirees in Thailand.

[cameltrakker]

Nakhon Sawan immigration wants a regular passbook so that you can show immediate availability of funds if needed. I too have KB fixed accounts, one with 800,000 baht for 6 months and was told this was no good. I just got the income letter from ACS outreach in Pattaya yesterday. Easier than arguing with Immigration

[klikster]

I have noticed a change in service attitude from 2 different K-Bank branches. Went in for a letter on a savings account at a KK branch. Officer was a bit rude, telling my wife that we should have made an appointment.

BKK Bank, here I come .. again! May not be as flashy but once got a letter from a Bangkok Branch when the Account was in Chiang Rai.

[oneday]

Just a thought, what do you do if immigration ask what you have been living on when you can't take money out? Wouldn't it be better to show the account that you use regularly?

I have always been under the assumption you could NOT use a fixed deposit for your financial requirements at immigration.......................

Perhaps things changed or perhaps there are different interpretations by different officers.

I was specifically told at Pattaya Immigration 2-3 years ago that a Fixed Deposit account wasn't acceptable.

They said they don't count because the funds are not available and even last week they took copies of the activity in my Current/Savings account over the preceding months.

.

That's exactly what I heard. Because the funds are, theoretically, not available many immigration offices won't let you use them. It's a very stupid rule as anyone can withdraw the money if they really needed it, they just won't get the interest they were suppose to get. It should be enough to show you are solvent, but Thais don't think like we do.

[oneday]

Today when Bangkok Bank updated my fixed account passbook just before preparing the bank letter they updated my passbook to ensure it would reflect a balance dated for today. The clerk put it in her machine and then it printed a new balance with today's date. The code on the passbook was B/F which I think stands for Balance Forward...or their way to make the current balance printout without any deposit/withdrawal of money. But I'm guessing.

You are guessing, but you are 100% correct. It does stand for Balance Forward.

I was going to mention that once a teller at Bangkok Bank made a mistake when I was depositing 50,000B into my account. He was talking and not paying attention and something he did, did not allow him to update my book with the deposit, so with instruction from a more experienced employee, he somehow got it printed on the back of the deposit slip (different type of printout that would not fit in a book) and then got the computer to print a B/F into my book which showed 50,000B more than the previous entry.

However, it sounds like with the K-Bank the way to go is to get them to put in a "zero" baht deposit.

[oneday]

Toast the k bank and go to another bank that will give you better service.

Also thanks for the heads up...I will not be using k bank for my deposits in the future.

If you care about higher interest rates and making more money, then you can't ignore the K-Bank or SCB. These two banks almost always offer higher interest rates than Bangkok Bank.

It's so typical in this country that many Thai employees do not think "out of the box" and many don't care to go beyond what they know nor do they really care to help. Through threads like this you get responses from people who have found those rare Thai people who do think out of the box and do want to help so we all get the benefit of hearing what the solutions are. Now all you need to do is tell the bank you are having a problem with and hope they will listen and not worry about losing face because they didn't think about it first.

[Straight8]

Perhaps I am missing something here, but WHY does a Fixed Deposit Term bank book need to be updated. If the fixed amount of baht has not matured it would mean it is in the bank book as declared alive and kicking from the date the term started. If I started the term on the 01 Aug being a 6 month term and went to immigration for the extension, the book would clearly show the date the term started and when it matures. If I take my Fixed Term Deposit Bank Book and show immigration an amount that satisfies there amount needed for extension, 1] it means I have the sufficient amount 2] It's current as I still have the Bank book in my possession. K-Bank take the book when the term matures and is not renewed.

In the event I need the money I can break the term anytime I want. [without getting the interest.]

So again, perhaps I am missing something here or are Immigration really only out to make your submission for an extension that difficult. ?

[ubonjoe]

Immigration wants to see an update to confirm you have not taken the money out after getting the bank letter.

Edited September 14, 2013 by ubonjoe

[Straight8]

UJ,

If you have the bank book to physically show them with your application then it proves the money is still there.. the account is active. I don't know about other banks but K-Bank keep the book once your term has matured and account is closed.

I still fail to how this does not suffice.

[mahjongguy]

"...K-Bank keep the book once your term has matured and account is closed."

Sorry, not true. I've got a stack of expired fixed account books from Kbank.

[Pib]

"...K-Bank keep the book once your term has matured and account is closed." Sorry, not true. I've got a stack of expired fixed account books from Kbank.

Same for me from Bangkok Bank. The passbook is your personal record of transactions and I expect all banks allow you to keep them when the account is closed.

[Pib]

UJ,

If you have the bank book to physically show them with your application then it proves the money is still there.. the account is active. I don't know about other banks but K-Bank keep the book once your term has matured and account is closed.

I still fail to how this does not suffice.

Any paper document can be forged/altered, especially when dealing with simple dot matrix line prints in a passbook. Also, I expect there are ways to withdraw X-amount of money from a fixed account and it not be documented in your passbook. I now I sure make that happen all the time with my regular savings account passbook from Bangkok Bank because of the ibanking transactions I do like paying bills online, moving funds between accounts, etc. And unless I take my passbook to get it updated to reflect those transactions they would never show...I could have had over Bt800K in the account last say last money but over the pass month made many ibanking or ATM transactions to draw that account below Bt800K. Forge/alter the bank letter and you would be good to go with immigration...I have no doubt its been tried.

And when you have done a lot of ibanking transactions, say around 20 or more, and then put my passbook into the passbook update machine it won't print on those individual transactions; instead it will just print one line reflecting my current balance which is fine with me because I really don't want all those ibanking or ATM transactions eating up pages in my passbook. Although my fixed accounts have always shown in my ibanking accounts I've never tried to move money out of one because I've always rolled them over just as soon as they mature to new fixed accounts, but I fully expect if you can withdraw by walking into the bank to do the withdrawal you could probably withdraw/online also for at least some of the many, many different types of fixed accounts available with different terms and conditions....apparently even some that do allow x-number of transactions per month.

Even with immigrations requirement to get a very recent bank letter confirming you have an account with so much in it could be forged/altered...but I guess requiring the bank letter in additional to an updated passbook helps to reduce the number of forgeries/alterations some people will try in trying to prove they have X-amount of income. Requiring a bank letter along with an updated bank book just helps to reduce fraudulent applications, but I don't expect it totally prevents it.

[Straight8]

"...K-Bank keep the book once your term has matured and account is closed." Sorry, not true. I've got a stack of expired fixed account books from Kbank.

my branch at Asok do [keep it]. I asked for it but they said they must keep it and gave me a photocopy of it instead.

I may look into this further as i found this odd as i prefer to hold onto them for my records.

T.I.T

[Straight8]

Also, I expect there are ways to withdraw X-amount of money from a fixed account and it not be documented in your passbook.

I doubt this.

Can you think of a way i can walk into my branch, withdraw x amount and them not ask for the bank book and update it accordingly.. we are talking fixed term here right?

[Pib]

 

Also, I expect there are ways to withdraw X-amount of money from a fixed account and it not be documented in your passbook.

 

 

I doubt this.

 

Can you think of a way i can walk into my branch, withdraw x amount and them not ask for the bank book and update it accordingly.. we are talking fixed term here right?

Not by just walking in the branch unless the bank clerk didn't update the book after the withdrawal/accepted another form of ID to do the transaction. Bank records take priority over passbook records in the case of any dispute over the account balance so failing to update passbook does not leave the customer with a windfall of money. But like I mentioned earlier you "may" be able to do it by doing an ibanking transfer like you can do with a regular savings account on your ibanking.

Sent from my Samsung S4 (GT-l9500)

[Straight8]

Also, I expect there are ways to withdraw X-amount of money from a fixed account and it not be documented in your passbook.

I doubt this.

Can you think of a way i can walk into my branch, withdraw x amount and them not ask for the bank book and update it accordingly.. we are talking fixed term here right?

But like I mentioned earlier you "may" be able to do it by doing an ibanking transfer like you can do with a regular savings account on your ibanking.

Sent from my Samsung S4 (GT-l9500)

Very very unlikely on a fixed term account. Other than maybe being able to view your details, every other option would be disabled [eg. being able to do any sort of transfer], guess that is why its a fixed term, eliminate any chance of you moving the money.

Any withdraw or break in term would have to be negotiated with the bank. I would say 99.99% this would be the case

[MoTewada]

Just had a zero baht transfer done to effect an update in my Kasikron Time Deposit bank kook.
The code printed in my bank book to enter the transaction is "TR" which stands for transfer according to the glossary
printed at the bottom of the Time Deposit bank book. Took the clerk about 10 seconds to do this.

.

[Pib]

Just had a zero baht transfer done to effect an update in my Kasikron Time Deposit bank kook.

The code printed in my bank book to enter the transaction is "TR" which stands for transfer according to the glossary

printed at the bottom of the Time Deposit bank book. Took the clerk about 10 seconds to do this.

.

Maybe Headquarters K-Bank made this thread mandatory reading for all its employees; they now know what to do.

[GreenSnapper]

With K-Bank, I use this special fixed account for immigration purposes:

http://www.kasikornbank.com/EN/Personal/BankAccounts/Fixed/Pages/Flexible%20Fixed%20Deposit%20plus%20Family%20Protection.aspx

It allows withdrawels during the 9 months time. I withdraw 1000 Baht just before my extension of stay, get a bank letter afterwards and everything is fine.