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THAILAND BANKS AND WHAT TO WATCH OUT FOR
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BAD STORIES WITH THAILAND BANKS:
A case in May 2009 the Thanachart Bank would not pay out a Thai lady who had made a deposit of 4m baht only to have the teller and the Assistant Bank Manager take her money plus a total of 17m baht and then resign from the Bank. The story goes like this: The Thai lady made a deposit into her Bank account in Ubon branch of the Thanachart Bank which is a new Bank coloured orange. The slip was stamped by the teller and signed plus the Assis. Manager also Ok'd it with a signature. But then the money never got that far into the bank system ---instead it went to both pockets of the staff. The Bank decided when the lady came to withdraw that the funds were not in the Bank system so therefore they would not honour her 4m baht. Now this is a lot of money & she went to the Police who told the Bank that they should pay her then sort the problem out. But the Bank wouldn't budge until after the media got wind of it. The Bank then said it would pay the lady as they found out that other monies were also missing to a total of 17m baht ---by the now gone with the wind bank staff bad guys. By late afternoon there would have been a run on withdrawals but now noone will have confidence in the THANACHART BANK IN THAILAND anymore after this fiasco ----would you!!!!!!!!!!!!!!!!!!.
But the best one was the Manager of the Housing Bank who over a period of years stole 17m baht
As Thailand is going thru thows of hard times for some there are Bank staff that are not honest. Banks are mainly privately owned by wealthy Thai families and during a baht crash the Banks will hold onto your funds if you are receiving a remit from overseas or TT. Norammly ittakes 4 days to clear and cheques can take up to 60 days?? to clear. The worst Bank we found was Krung Thai who told us (even thought the funds from overseas were in our account) we asked them for the name of the country and they told us we had to wait a week. We never used this Bank again for TTs payments. Over the years there have been numerour partnerships with overseas Banking groups but these marriages have never worked as the Thai owners will not change there way so basically most have failed to materialize.
CHARGING FOR DEPOSITS AND WITHDRAWALS:
An easy way to make cash by the Banks is to levy a fee on all money transfers from one city to another. Some Banks do not even write this down and Bangkok Bank was bad for this so they could say any sum to the customer. The higher the amount the more it costs yet they have interbanking so this basically is a ripoff and a way to make more money out of you. Thus better to use an ATM card or take the max out before you go to another city.
THAILAND BANK RULES & CLOSING BANK ACCOUNTS:
Watch out: Kasikornbank in Thailand want your book back if you cancel. Make sure you ask them to copy all your pages so you have an account. If closing and want to transfer funds this is important as funds can go missing and what can you do if no book?? Ok you have a record of the transaction if you kept the receipt but you will probably get the runaround and denials.This Bank has many new recruits and they pounce on you the moment you get in the door: and if a Thai makes a substantial deposit this same Thai is likely to get a phone call from the teller trying to sell her a housing or business loan, another credit card or something else to boost her monthly sales commission payment. Yes the Banks are in for the money but remember they are mostly privately owned. Thai Bank staff like to be helpful but they also like to see your Balance as you could be a candidate for a credit card or other sales pitch. Some Banks in Thailand set there new staff to a quota of selling insurance, credit cards etc up to 250,000 baht --- if no sales they do not get to be a permanent staff member so the turnover of staff can be high.
Bangkok Bank in Chiangmai we closed one account and made a transfer to another bangkok Bank in Thailand but funny enough we told her we were heading overseas next week. The teller would not give our Book back so we demanded it and she then gave the book. Its your book and funny enough it could have a been a genuine mistake but then the policy of the Bangkok Bank is to give the book back once closed and stamped or has holes in the book with Cancelled on each page.???
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