SCOTT MALLON
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Recent Dealing with Bank is Troubling

6/9/2014

4 Comments

 
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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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4 Comments
Mark Johnson
6/9/2014 02:15:01 pm

sounds like Thailand is no longer the place to be. This is typical B.S I think and all due to stupidity of systems in that country!

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Scott Mallon link
6/10/2014 10:09:03 am

How it was compared to how it is now is a huge difference. In the past there was a great deal of tolerance. Now the place is starting to remind me of the U.S.

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Jack Sterling link
6/9/2014 02:29:06 pm

Hey Scott .. really funny one.. Personally I never use the banks you mentioned. I discovered Siam Commercial Bank is the best to white folks and Bangkok Bank is the only bank to use in getting your SS Retirement money sent over out of the New York Bangkok Bank. Once you reach 62 you will want that money if you did pay in while that short time you lived in Florida and So Cal and Alaska and where ever. I get $772 a month that is tough for sure. Need to get a few puppies sold via my Thai GF each month as I cannot openly show I am working here as you already know.. Good Luck with that.. From that American in Chiang Mai

Reply
Scott Mallon link
6/11/2014 12:20:49 am

Hi Jack,

I also find SCB to be the best of the lot. They're easy to deal with compared to the others and their online system is quite good. Bangkok Bank is decent, although they are one of the banks who has employees focusing on what can't be done instead of how to get something done. As you noted though, their New York intermediary makes international transfers simple and I can transfer to / from through my online account. It definitely comes in handy.

Anyhow, time to go have my morning Kway Teeo.

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