Confusion reigns as Thailand ATM users set to pay more

[Thechook]

Dont see what's the confusion...chip cards are being introduced...old cards are good for another 3 years.

The confusion is over how much the customer is to pay for this changeover and at what point the extra charges will be levied (annual charge, upon receipt of new card, upon use of card, etc.) As ever information is scant and contradictory.

For those familiar with the various card-using rail services in Bangkok, card technology changes are not infrequent and always include an admin fee, a non-returnable deposit or some other euphemism for directly charging the card user which is not communicated until the very moment one hands over the money.

why do they need to charge? My bank didn't charge me anything for my chip/touch and go card.

[Thechook]

The one thing I have noticed with these chipped cards is that they can set off the security screens that many stores have as you leave to prevent shoplifting. Card in your wallet and in your pocket and as you walk out you get the beep, beep, beep and bailed up by staff.

[hugh2121]

Dont see what's the confusion...chip cards are being introduced...old cards are good for another 3 years.

The confusion is that banks are keeping any increased charges secret and some are charging for the new card and some are not.

How exactly does a business keep charges secret that they are charging you for?

Simple. The charges come later but they don't tell you about them now. You change your card to chip and pin, leave the bank and assume that's all there is to it. Until the annual fee for having and using your card is deducted from your account. When you query the increased charge you are then informed that there is a higher fee for chip and pin.

[anto]

The one thing I have noticed with these chipped cards is that they can set off the security screens that many stores have as you leave to prevent shoplifting. Card in your wallet and in your pocket and as you walk out you get the beep, beep, beep and bailed up by staff.

I have 2 of them in my wallet ,and that never happened me ,yet .

[onthemoon]

Thai banks endeavor to make a profit in the banking business and usually, as with most businesses, that involves not giving away your product for free. Its also probably a reason why the Thai financial sector sailed through the Western financial crisis of 2008-10, without breaking a sweat, while many financial institutions in the UK went bust or required government bailouts.

That's historically untrue. The Global Financial Crisis [tm] of 2008-2009 was caused by US banks buying substandard loans and derivatives thereof. Many Asian (including Thai) banks did not participate in that. That's why they weren't directly affected.

Marvellous isn't it. People sitting in front of the greatest reference tool in the history of mankind and they still waffle crap without doing any research.

Does Sub-Prime ring a bell?

Yes you are quite right, the Thai banks were not exposed to Sub-Prime. Neither were the Australian Banks. Known as the Big Four. There are only four major banks in the entire country and they have a controlling monopoly unlike any in the world. Not only were Australian Banks not exposed to Sub-Prime but they made a fortune out of the GFC. The were touted as the best, most profitable in the WORLD during this period. All retaining their AAA Ratings. never in doubt.

While it is great to read about everyone's personal banking habits etc., the bottom line here, this topic, is about whether the Thais are going to get hit with fees or charges. I can only imagine it is a big a deal here, with the man in the street, as it would be back home in Australia. The punters are sick of getting hit with fees as the banks continually post record profits, quarter after quarter, year after year, as they do in Australia. Massive profits! Mind boggling profits!

It is so bad in Australia, that if Immigration wasn't the hottest issue dominating the upcoming Federal Election - Banking more than likely would be. Scandals abound in the Banking Industry in Australia and Labor have promised a Royal Commission into the banks if they are elected. There is widespread support from an extremely fed up public.

Actually I pay little to no fees anymore, I am pretty well sorted, but if I wanted to waste a few hours I could post up some things my bank in Australia has done to me that would make your hair curl. Nothing to does with everyday fees, but about other dishonest practices, Like when the glorified bank teller took it upon herself to change my Australian Citizen/Resident Status and start slugging me 'Withholding Tax' at the Top Rate! All because, when I called the bank with a query I mentioned I was calling from Thailand. Don't believe me? Ok. Never mind. Forget I mentioned it.

Back to the focus of this thread, banks like any business charge as much as the market will accept. Every country is a different market, and this has to do with hwo difficult it is to open a new bank or a another organisation that is allowed to compete with the banks.

The charges are neither fraud nor greed. If people don't accept the charges, they are free to not use the banks' services. They would save between 100 and 500 Baht per three-year period.

[Dumbastheycome]

ATM transactions, cards and accounts are all free of charge where I live.

Nothing is ever free from a bank, your paying somewhere

not true. i have been a midland bank then HSBC customer since university some 30 years ago. as long as i stay in credit i pay no charges. as i have been in credit for the last 30 years i have paid zero bank charges for 30 years banking.

i pay off the full amount on my two credit cards every month and so again pay zero charges and no interest.

it's common sense to me; keep your finances in order, understand how your bank account/credit card work and you wont have to pay a penny to a bank

You pay no annual account fee?