gotlost
Kap Chong R Us Member
Bank of Bangkok has done this from day 1. BTW if my account has more she still receives it.
Bank fees and exchange companies lesson
- Thread starter Stargazer
- Start date
lightfoot
Surin Legend
Deerculler, I have also used BBK Bank in Kap Cheong with excellent results after the manager told one of the ladies working there to help me, she was just dithering about before he gave her the directions to help me. She made a copy of my bank book also to be submitted with the letter of matching funds for immigration N/C.
I have used them other times with success not with VIP service after the managers intervened.
Deerculler
Surin relic
I was only making a point. Not suggesting that anyone should go to Kap Cheong.
lightfoot
Surin Legend
Sorry to hear of your accident. The way I'm getting around these days glasses or no glasses everything seems to be an obstacle. Doing the best I can, I feel fortunate my wife helps me immensely !
CO-CO
Rather wrinkly & occasionally cantankerous member
What is then?
Yorky
Fullritis Member
You are saying that a joint account is a mandate?
CO-CO
Rather wrinkly & occasionally cantankerous member
No, I am saying that a joint account is operated under the terms of a mandate.
That mandate ceases on death.
Prakhonchai Nick
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When I handled probate for my Grandfather in the UK, donkeys years ago. there were 3 bank accounts in joint names. I did not have to include them in the probate documents as the bank duly noted the death of one depositor and allowed the 2nd named depositor free access to the account (as had been the case prior to death). May possibly have been different if the joint accounts had been set up requiring both signatures for withdrawal
Have banking rules changed since then?
A Power of Attorney permitting a 3rd party to control anothers finances, is a mandate and ceases upon death
CO-CO
Rather wrinkly & occasionally cantankerous member
As said, all mandates cease on death.
Local practice dictates what happens with a joint account.
At one time HSBC would allow continuation of the old account number, but retitled to the sole name of the survivor.
Consider what would happen to a cheque signed by a joint account holder where the cheque was received for payment after notification of the death of that party.
In the vast majority of cases the surviving account holder is entitled to the residual balance by succession.
“Normally, the balance in a joint account will pass to the surviving account holder on death by right of survivorship, outside the terms of the deceased's Will. This is because almost all joint accounts will be held as “joint tenants” rather than as “tenants in common”.”
However, consider a case where, say Nick and I, had been stashing away I’ll gotten gains into a joint bank account. Having accumulated 10m Baht I would be quite happy to claim that balance should Nick kick the bucket.
I am not so certain that Nick’s beneficiaries under his Will would feel the same way.
Local practice dictates what happens with a joint account.
At one time HSBC would allow continuation of the old account number, but retitled to the sole name of the survivor.
Consider what would happen to a cheque signed by a joint account holder where the cheque was received for payment after notification of the death of that party.
In the vast majority of cases the surviving account holder is entitled to the residual balance by succession.
“Normally, the balance in a joint account will pass to the surviving account holder on death by right of survivorship, outside the terms of the deceased's Will. This is because almost all joint accounts will be held as “joint tenants” rather than as “tenants in common”.”
However, consider a case where, say Nick and I, had been stashing away I’ll gotten gains into a joint bank account. Having accumulated 10m Baht I would be quite happy to claim that balance should Nick kick the bucket.
I am not so certain that Nick’s beneficiaries under his Will would feel the same way.
Merlin
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Interesting.
Different countries may have differing rules applied to joint bank accounts, but most (if not all) regard the balance on a joint account to be treated as an asset of the surviving account holder(s) in the event of the death of another. This means that the balance (or a share of it) is not treated as an asset of the deceased and is excluded from that person's estate. As a consequence, if the deceased had a will which stated that the assets held by the deceased would be inherited by a third party - a spouse or other family member(s) for example - they could not claim any part of the joint bank account assets however hard they protested, assuming that the joint account was set up with "a right of survivorship." On the other hand, a joint account set up and specifically marked as a “convenience” account, the other owner(s) will no longer have access to the funds when one owner dies. Instead, the entire account and any contained funds will be treated as the deceased’s assets and, thus, part of their estate, subject to the probate of the will.
Coffee
You chose a custom title
Supposedly joint-accounts are not accepted when utilized for "monetary seasoning" at Immigration Thailand.
Yorky
Fullritis Member
I too have been told that although I cannot confirm it is fact as I've not tried to use our joint account for that purpose. Whether a joint account with a balance of in excess of ฿1,600,000.00 would be accepted, to my knowledge, has not been attempted.
Yorky
Fullritis Member
So what happens to the joint account. Does it cease to exist? Does half of it cease to exist? Who gets the balance?
Coffee
You chose a custom title
The surviving account holder. ;-)
nomad97
Resident Geek
I have always understood, that if using a joint account you would need ฿1,600,000.00, twice the amount of a sole account.
Coffee
You chose a custom title
I have understood that is only at the descretion of the attending IO or higher.
(Keeping well in mind that technically any joint holder could wipe those funds out in a heartbeat.)
Yorky
Fullritis Member
That could be the case with any account whether joint or not. I could obtain my letter and a copy of the updated passbook from the bank then return home and empty the account with internet banking before even applying for my extension.
Coffee
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CO-CO
Rather wrinkly & occasionally cantankerous member
See above
CO-CO
Rather wrinkly & occasionally cantankerous member
Good luck with your next renewal….