From March 1, 2013, the US Treasury Department will cease issuing paper cheques for federal benefits such as pensions, annuities or payroll, including Social Security and Veterans Affairs payments and will transfer benefits electronically via direct bank deposit.
If you currently receive your payments via cheque, you will need to notify your Federal Benefit Agency of the US account you wish to have your payments directly deposited into by March 1, 2013. As Bangkok Bank is the only provider in Thailand offering Direct Deposit services into a Thai bank account, you will need to request your US government agency or private organization route your payments into your Bangkok Bank account via the Bangkok Bank New York branch. If you currently reside in Thailand, you can apply for the service in person at any Bangkok Bank branch near you (except the micro branches).Benefits of the Direct Deposit Service
- You no longer need to visit the bank branch to cash or send your US Treasury or company issued cheques for collection.
- No risk of losing cheques.
- Receive your funds faster.
- Funds will be converted into Baht using the rate receiving electronic funds transfers (Buying TT rate) which is better than the rate for buying foreign cheques (Buying sight bill rate).
How to apply: If receiving payments from a US Government Agency
- Download the 'Direct Deposit Sign-up Form (SF1199A)' from www.socialsecurity.gov/online. Complete the form to sign up for Direct Deposit with your relevant US government agency.
- Open a savings account at any Bangkok Bank branch (except micro branches). If you already have an account with Bangkok Bank, you can use your existing bank account for this service, however we will need to change the type of account in line with the Direct Deposit’s terms and conditions.
- Complete a 'Direct Deposit Service Application' form, which you can pick up at any Bangkok Bank branch (except the micro branches). You can also opt to fill out an SMS Remittance Alert Service Request Form to receive an SMS notification on your mobile phone when funds have been successfully transferred into your Bangkok Bank account.
- Submit all forms to Bangkok Bank with the following supporting documents:
After verifying your documents, Bangkok Bank will submit your application to the government agency asking them to approve your request to receive the funds via Direct Deposit.
After the request is approved by the US Government Agency, your payments will be electronically deposited directly into your Bangkok Bank account.
- Identification Card/Government Official ID Card/Passport together with a customer identification document such as your Social Security Card, Annuitant ID Card etc.
- A document from the relevant agency giving evidence of your right to receive the payments.
If you use a direct deposit service to receive funds from a US Government Agency, you must appear in person at a Bangkok Bank branch to withdraw the funds.
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. You can, however, open a normal savings or current account and transfer the funds from your direct deposit account to this account. You may then withdraw your funds as usual via ATM or any other electronic channel.
You can also opt to directly contact the US Government Agencies to send funds into your savings account with Bangkok Bank. However, we still need to request that you change your savings account to a Direct Deposit account. Failure to comply will result in Bangkok Bank not being able to deposit funds transferred from the US Government Agency into your account.
How to apply: If receiving payments from a private organization
- Request the 'Authorization Agreement for Automatic Deposits (ACH Credits)' form or ‘Related Direct Deposit’ form from the organization or the Agency that will be making the payment to you. Complete the form to request the Direct Deposit service.
- Open a savings account at any Bangkok Bank branch in Thailand. If you already have an account with Bangkok Bank, you can use your existing bank account for this service.
- Request your home branch to issue a bank reference letter to certify your bank account details such as account type, account number, date of account opening and current balance to be provided to your agency.
- Indicate the Routing Number 026008691 of Bangkok Bank’s branch in New York and your account number with Bangkok Bank in Thailand on your 'Authorization Agreement for Automatic Deposits (ACH Credits)' form or ‘Related Direct Deposit’ form.
- Submit the form with the required information such as your Identity Card or Social Security Card, or evidence of your right to receive the payments from the company, together with Bangkok Bank’s Reference Letter. Mail the signed form to the US company asking it to approve the request and initiate direct deposits into your account.
- After the request to receive direct deposits is approved, your payments will be electronically deposited directly into your Bangkok Bank account.
Residing in the US
If you are a Bangkok Bank customer residing in the US, you can ask for more information from Bangkok Bank's New York branch: 29 Broadway, 19th Fl, New York, New York 10006 United States, Tel: (1-212) 422-8200. E-mail: firstname.lastname@example.org