Recent Dealing with Bank is Troubling

MEMBERS - Podcast #1 and #2 are now online. The subject matter in Podcast #1 - banking, privacy, and this living in Thailand off $500 nonsense. 

One of my recent videos, Thai Banks Beginning to Crack Down on Foreigners, has attracted quite a bit of attention and sparked a debate on what is and is not necessary when dealing with a financial institution.

When  the bank gave me their financial questionnaire, I was shocked. I was not applying for a loan and had been a customer with the bank for over 18 years. My financial

details are none of their business. If for whatever reason they are, I expect to know why and under whose authority. Also, although I informed the bank on at least two occasions that my address had changed and signed a form requesting the change be made, the address they had on file was the same address used when I opened the account nineteen years ago. Thus, when the Landmark Branch of TMB was closed, I was never informed. Some banks, like Bangkok Bank, will send an email. Apparently TMB does not. 

What right does a bank have to know how much you earn per month or per year?

What information does a bank need to have and what is acceptable?

As foreigners, especially Americans, are we stuck? What's next?

At the very least, a customer of a bank should be given answers to why a policy is what it is. Bank employees should know why a document is required or they should be able to refer you to someone who can give you answers.  Be prepared for some changes and headaches.

***Note - TMB is raising it's online transfer maximum from 50,000 to 500,000 per day.

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