PhDEducation

Beware of Bangkok Bank

146 posts in this topic

I'm with Bangkok Bank and they send me a text immediately ( literally seconds) after I make a transaction ( ATM withdrawal, deposit from U.K. etc) plus I get a text telling me my balance every Monday am.
If the OP is to continue with Bangkok Bank this will be a little bit of security until he gets to the bottom of the problem.



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I've heard too many horror stories (including inside jobs) where money is fraudulently removed from an account via ATM card, so I asked them to remove the card from my account (I only use it for deposit at the moment anyway).

This process was very easy.

I believe others then open a current account with a card simply for the purpose of withdrawing cash when required, and transfer only the required amount to it every month. This seems a very sensible way to limit your exposure.

 

 

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MMM

Rarther strange no response

Only 1 post but several reposts on other posts

maybe wanted to have a post or you know what

If hacked 1 time

Have to look into whay

As stated many posibilitys

As one friends said keep all password on a  thumb /  USB Drive

Good advise i agree with

 

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2 hours ago, Lizard2010 said:

MMM

Rarther strange no response

Only 1 post but several reposts on other posts

maybe wanted to have a post or you know what

If hacked 1 time

Have to look into whay

As stated many posibilitys

As one friends said keep all password on a  thumb /  USB Drive

Good advise i agree with

 

And how is that going to help you if someone has malware on your PC sniffing everything you do?

There are many other things you should be doing to secure Online banking before you worry about where you keep your passwords, if you write them down at all.

 

 

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4 hours ago, WinnieTheKhwai said:

How-does-abilify-work.jpg

Yes, the OP could have a mental health problem, too.  Also as sad as dementia.  I've known people with mental health issues who are financial exploited, or more likely, just very, very disorganized in managing their money.

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For someone to withdraw money from an ATM they need the card number and the pin number. If they have those, it's pretty easy to fabricate a card. 99% of the time this is stolen at point of service (restaurant) or at a corrupted ATM. Bad bank employees are easily nabbed.

 

Malware that leads to pilfering accounts through online banking is very rare. Far more common is phishing emails that sucker folks into giving up or changing passwords.

 

This discussion does raise the question: Can you create an account that has no electric/online access, then create another one where you just walk into the bank and move money into an ATM accessible account as you need it, say four times a year.

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11 minutes ago, luther said:

........

 

This discussion does raise the question: Can you create an account that has no electric/online access, then create another one where you just walk into the bank and move money into an ATM accessible account as you need it, say four times a year.

Yes, definitely.  This how the Social Security direct deposit accounts work.  The U.S. gov't INSISTS that the direct deposit gov't payments like Social Security, Military Pensions, etc into Bangkok Bank account that don't have ATM on on-line access and are sole owner accounts.  The owner has to go in person to a Bangkok Bank, with his passport, to make a withdrawal.  And most turn around and deposit the funds, usually withdrawn as cash, into another Bangkok Bank account with ATM and perhaps on-line access.  That account could be a joint account, or even someone elses.   

 

In fact, the OP alluded to this is why he continues to stay with Bangkok Bank because they're the only U.S. bank approved by the U.S. gov't for this type of deposit -- lending credence to the theory that he has problems with dementia (in receipt of Social Security), mental illness (Social Security or Military Disability Payment) or is being exploited.

 

 

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ID: 34   Posted (edited)

My BKK bank account also sends an instant SMS every time there is a deposit or withdrawal, which I assumed was a standard feature.  

Edited by Chiengmaijoe

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It is a standard feature but you can opt out of this option to save 15 baht a month.


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It is a standard feature but you can opt out of this option to save 15 baht a month.


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I've never had this and I've been with BB for 12 years.

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I've never had this and I've been with BB for 12 years.

I got it free for 3 months when I opened account ( last July) then it was 10 baht a month after went up to 15.


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Been with BB for 30 plus years and never a problem. I started to use their sms service a while ago, so like some posters mention, I get an email or sms every time I make a transaction, whether over the counter, atm or mobile banking. In fact I have found their mobile banking/i-banking system a godsend. Makes life so much more conveneient and I can cut out paying bills at 7-11 and lining CPs pockets. Not that it saves me much. I think it is 5 Baht less per bill payment than 7-11 but not sure.

 

In this case something is seriously wrong and the OP should follow the advice of other posters, check who has access to his accounts, clean up all his electronic devices, etc.  

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My bank gave me an ATM card with no fees at any ATM in the world, full refund of second party ATM fees and no charge for the card ever but I do not clean my computers.

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On 1/25/2017 at 9:29 PM, KhonKaenKowboy said:

My Thai bank just gave me a chip protected visa debit with no fee at any ATM in LOS and gets me long access at Swampy.  Free card, first year free, then 100 per year […]

What bank is that?

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Not that many Thai Banks and you can bet it isn't the biggest ones.  Find the ones with the best interest rates...you will be very close.

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On 1/24/2017 at 8:02 PM, NancyL said:

Yes, definitely.  This how the Social Security direct deposit accounts work.  The U.S. gov't INSISTS that the direct deposit gov't payments like Social Security, Military Pensions, etc into Bangkok Bank account that don't have ATM on on-line access and are sole owner accounts.  The owner has to go in person to a Bangkok Bank, with his passport, to make a withdrawal.  And most turn around and deposit the funds, usually withdrawn as cash, into another Bangkok Bank account with ATM and perhaps on-line access.  That account could be a joint account, or even someone elses.   

 

In fact, the OP alluded to this is why he continues to stay with Bangkok Bank because they're the only U.S. bank approved by the U.S. gov't for this type of deposit -- lending credence to the theory that he has problems with dementia (in receipt of Social Security), mental illness (Social Security or Military Disability Payment) or is being exploited.

 

 

No....the U.S. govt does "not" insist direct deposits go to Bangkok Bank.   It's simply because the U.S. govt sends direct deposits via the U.S. ACH payment system and Bangkok Bank is the only bank in Thailand with ACH receiving capability....no other Thai bank has ACH capability.

 

Now the part about not being able to have an ATM card, must show up in person to withdraw funds, can only be a single owner account, etc.,  with a Bangkok Bank Direct Deposit account is purely a Bangkok Bank policy to ensure certain fraudulent transactions do not occur which could blacklist them for payments from the U.S. govt.   So Bangkok Bank has established polices to avoid this lucrative (profitable) service from being impacted by fraudulent transactions. 

 

And by fraudulent transactions I mean for example the pensioner passes away and if the account allowed a joint owner (which it don't) such as a spouse unintentionally/intentionally fails to notify the U.S. govt the pensioner was barbecued at the local temple, the monthly pension payment continues to flow in and the joint owner continues to withdraw/spend the inflow of payments that should have stopped upon the pensioners death.   Now although the social security agency sends a person a "are you still alive letter" every year or so, those could be signed and returned by a still grieving joint account owner and the payment continue.  For military retirement payments, they never/rarely send out such a "are you still alive letter."    Plus it can be hard to recoup overpayments/funds from a foreigner/foreign country.

 

In the States govt pension payments can go to a joint account, you can have an ATM, withdraw via ibanking, etc., because in the U.S. when someone dies that info is passed along via police, hospitals, and varies out local agencies to the U.S. govt.  So even if a joint account owner fails to report the pensioners death the U.S. govt pension payment agency finds out about it pretty quick anyway.   Plus it's much easier to recoup overpayments/funds from a person in the U.S./from a U.S. bank.

 

 

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ID: 44   Posted (edited)

24 minutes ago, Pib said:

No....the U.S. govt does "not" insist direct deposits go to Bangkok Bank.   It's simply because the U.S. govt sends direct deposits via the U.S. ACH payment system and Bangkok Bank is the only bank in Thailand with ACH receiving capability....no other Thai bank has ACH capability.

 

Now the part about not being able to have an ATM card, must show up in person to withdraw funds, can only be a single owner account, etc.,  with a Bangkok Bank Direct Deposit account is purely a Bangkok Bank policy to ensure certain fraudulent transactions do not occur which could blacklist them for payments from the U.S. govt.   So Bangkok Bank has established polices to avoid this lucrative (profitable) service from being impacted by fraudulent transactions. 

 

And by fraudulent transactions I mean for example the pensioner passes away and if the account allowed a joint owner (which it don't) such as a spouse unintentionally/intentionally fails to notify the U.S. govt the pensioner was barbecued at the local temple, the monthly pension payment continues to flow in and the joint owner continues to withdraw/spend the inflow of payments that should have stopped upon the pensioners death.   Now although the social security agency sends a person a "are you still alive letter" every year or so, those could be signed and returned by a still grieving joint account owner and the payment continue.  For military retirement payments, they never/rarely send out such a "are you still alive letter."    Plus it can be hard to recoup overpayments/funds from a foreigner/foreign country.

 

In the States govt pension payments can go to a joint account, you can have an ATM, withdraw via ibanking, etc., because in the U.S. when someone dies that info is passed along via police, hospitals, and varies out local agencies to the U.S. govt.  So even if a joint account owner fails to report the pensioners death the U.S. govt pension payment agency finds out about it pretty quick anyway.   Plus it's much easier to recoup overpayments/funds from a person in the U.S./from a U.S. bank.

 

 

http://www.bangkokbank.com/BangkokBankThai/Documents/Site Documents/Other/bankingGuide_june.pdf

 

"In compliance with US regulations, Bangkok Bank cannot authorize the withdrawal of funds from your direct deposit account by an appointed representative, or via ATM or any other electronic channel. You must appear in person at a Bangkok Bank branch to withdraw the funds."

Edited by mesquite

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ID: 45   Posted (edited)

Give me a link to the U.S. regulation if you can.  I doubt there really is such a regulation but I stand ready to say I stand corrected.  

 

Edit:  What Bangkok Bank is doing is trying to comply with the intent of the International Direct Deposit Program where U.S. govt agencies will send pension payments to selected countries which have the capability to receive U.S. govt payments and have signed up to the IDD program.  However, Thailand is not one of those countries.   But Bangkok Bank want sto comply with the intent and minimize fraudulent transactions like the example I gave above.    If that foreign bank and/or the U.S. govt pension payment agency allows U.S. govt pension payments then the following special provision applies for "joint accounts" if allowed.

 

Partial quote of IDD signup form indicating Joint Accounts are allowed at foreign banks

Quote

SPECIAL NOTICE TO JOINT ACCOUNT HOLDERS If your receiving bank and issuing agency allow a joint account with a person who receives U.S. government issued payment(s) and that person dies, you must immediately contact your bank and the American Embassy/Consulate in your country and/or the U.S. government agency that issued the payment. Any U.S. government payment deposited into a joint account after the death of a recipient must be returned to the agency that issued the payment.

 

 

 

 

IDD sign up form.pdf

Edited by Pib

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ID: 46   Posted (edited)

One additional note to above, when I first arrived here for a few months I had my military retirement pension going to my "regular Bangkok Bank joint saving account."   No problem....U.S. govt was happily sending it.

 

But then one day I got a letter from "Bangkok Bank" that I needed to open a Direct Deposit accounts since the coding on the payment said it was coming from the U.S. govt; if I didn't Bangkok Bank would start rejecting further incoming pension payments.

 

The key here is it was Bangkok Bank who raised the issue....the U.S. govt agency could care less as all they needed was an ACH bank routing number and account number....didn't care whether it was a joint account....just needed to be a bank on the ACH system.  Or a bank/country on the IDD program which Thailand is not part of.

 

And notice the IDD signup form attached above even allows joint accounts however it points the person to the special note provision about prompt notification of pensioners death.  

 

But Bangkok Bank knows relying on a joint account owner (which will most likely be a the Thai wife) to accomplish the death notification is ripe for fraudulent transaction/failure to provide the required notification which would eventually get Bangkok Bank in the spotlight after repeated events and probably blacklisted for this profitable service.

Edited by Pib

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2 hours ago, KhonKaenKowboy said:

Not that many Thai Banks and you can bet it isn't the biggest ones.  Find the ones with the best interest rates...you will be very close.

Any reason you can’t just give us the information?

 

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Does it really matter if it's the U.S. gov't or Bangkok Bank who has set up the rule that the incoming U.S. gov't payments must go into an account that doesn't have ATM access, isn't a joint account and that the recipient has to show up in person each month to claim?  I've heard stories each way about which party insists on these restrictions.  The fact is that, Bangkok Bank is the only Thai bank to accept ACH deposits from the U.S.  and these are the rules in place.

 

I do find it interesting that in the U.S. gov't pension payments can go into joint accounts, with ATM access.  That's exactly what we do with Hubby's monthly SS and use it to pay our U.S.-based expenses.  In theory, I could fail to tell the U.S. gov't that he died here, right?  Also interestingly, his former employer in the U.S. has no such restrictions, so his private pension is direct deposited into our joint Bangkok Bank account and I use it to pay our Thailand-based expenses.  Again, I suppose I could fail to tell them when he croaks, also, right?  

 

In reality that won't be the case, because I'll want to get my hot little hands on his life insurance policies' payouts, so I'll be hounding the U.S. Consulate for those "death of U.S. citizen abroad" certificates that work just like a U.S. death certificate to notify financial institutions of someone's death.

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Just now, NancyL said:

Does it really matter if it's the U.S. gov't or Bangkok Bank who has set up the rule that the incoming U.S. gov't payments must go into an account that doesn't have ATM access, isn't a joint account and that the recipient has to show up in person each month to claim?  I've heard stories each way about which party insists on these restrictions.  The fact is that Bangkok Bank is the only Thai bank to accept ACH deposits from the U.S.  and these are the rules in place.

I quite agree and of course that's why I have my social paid into a non-Thai (and non-US) bank account with full ATM & internet banking access

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1 minute ago, SaintLouisBlues said:

I quite agree and of course that's why I have my social paid into a non-Thai (and non-US) bank account with full ATM & internet banking access

Could I ask which bank?

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BANGKOK 26 April 2017 03:25
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