Life insurance required for a bank's safety deposit box?

[Grin Grasser]

In Pattaya, I visited a couple of branches of a couple of banks.

At one branch, the bank's customer service representative said that in order for me to rent a safety deposit box, I had to pay 600,000 baht for a life insurance policy.

She said that the policy would pay 3 million baht to my family upon my death.

When I said that I would have to think about it, she asked me very anxiously if I would return this afternoon or tomorrow?

I was suspicious, because I had never heard of a life insurance policy as a requirement for a bank's safety deposit box. And, I am obviously a senior who probably looked like I got a foot in a grave.

Later, at another branch of the same bank, the bank representative made no mention of a requirement for a life insurance policy to rent a safety deposit box.

By the way, in the forum Lawyer, I read the post "Bank Fraud". The OP cited a bank that had him put part of the visa-required 800,000 baht into an insurance policy. Sounds like bank officials have been turned into insurance sales agents.

[scorecard]

There are many examples of dubious actions by staff in Thai banks.

[96tehtarp]

"the bank's customer service representative said that in order for me to rent a safety deposit box, I had to pay 600,000 baht for a life insurance policy."

Are you sure the bank didn't mean to sell you a 600k insurance policy in order to qualify for renting a safety deposit box?

[Grin Grasser]

"the bank's customer service representative said that in order for me to rent a safety deposit box, I had to pay 600,000 baht for a life insurance policy."

Are you sure the bank didn't mean to sell you a 600k insurance policy in order to qualify for renting a safety deposit box?

I asked, does this branch have available safety deposit boxes?

She answered, the branch has safety deposit boxes but there is a requirement for a box.

I asked, what requirement?

She said, you have to pay 600,000 baht for insurance.

I said, 600,000 baht is too much money for a safety deposit box.

She said, but when you die, your family gets 3-million baht.

I said, I have to think about it.

She asked eagerly, will you come back today or tomorrow?

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As mentioned elsewhere, another branch of this bank did not state that there was a requirement to buy anything in order to rent a safety deposit box.

Also, I did return a week later to open a savings account. The lady who tried to sell me the life insurance policy was not there. Nobody else in the branch mentioned anything about buying anything.

But, I gave up for awhile on renting a safety deposit box.